Monday, November 26, 2012

Thoughts on Canadian Dollar

Thoughts on Canadian DollarSocialTwist Tell-a-Friend
Attached is the daily chart of December Canadian Dollar. 
As a follow up to the piece we put out Wednesday, we now have a long bias in Canadian Dollar. The recent break above 100.45 creates an upside objective of 101.25.  We would stop out on a settle below 100.40. 
The fundamental story involves a shift to risk assets and a perception that the U.S. may avoid the Fiscal Cliff.  The most interesting indicator has been oils reluctance to trade lower despite a cease fire in the Middle East.  This indicates underlying strength in the oil market which suggests firmer footing for the global economy particularly oil producers like Canada.

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