Attached is a chart of December Canadian Dollar.
In this morning's piece we mentioned an inflection point and potential upside breakout in the Dollar Index. This does not appear likely, at this point, causing us to believe that the full-fledged Dollar rally is on hold.
However, we do believe there may be an opportunity in Canadian Dollar. If CDZ2 settles below
100.28 we will consider a short position as it looks like a bear flag formation has been confirmed. Downside objective is 98.50-60 with a stop loss on settle above 101.00. Had the Dollar Index confirmed direction, or, if it does in the future, we will become more confident and add to the shorts in this position.