- Comparing the Dollar's Advance to a basket of other currencies
- The trouble with the Canadian Dollar
- Formation of a bull trend with a partial retracement already set in (it may be complete)
- It may not be near a complete termination of its bear phase but it is getting close
- We will compare fibonacci retracements to different time frames
The recent down draft in the dollar index is almost finished. We would suggest the pullback is similar to that we experienced already in May and it could follow a similar pattern
- Sideways consolidation with a prior trend of negative movements
- Series of lower highs and lower lows
- Tied to crude oil prices, sensitive to interest rates and trade policies
Since September of last year, the CAD showed a few signs of making major breakdowns after periods of consolidation. This recent action led to a few break-downs with minor consequences. The 0.7734 level is currently in the middle of its 0.77 and 0.78 range and gives us some context about what to expect from what the resolution would be if the currency would continue sliding.
The AUD has shown some weakness and should be monitored if it shows some signs of quicker downside momentum which would correspond with weakness in CAD as well.
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