Attached is a 30 day chart of December Canadian Dollar.
The risk on mindset in US equities should
provide a continued tailwind in CDZ2. We remain with a positive
bias. Our stop level is a settle below 100.34 which is the trendline for support and several old lows. Our short term objective remains
at 101.20.
For the next 32 days it seems that the risk is
for the "risk on" trade to gain momentum. Markets seem
to feel that budget negotiations will drag out till end of December so
an early announcement may cause an exaggerated move higher
in stocks and risk currencies.