Showing posts with label fiscal cliff. Show all posts
Showing posts with label fiscal cliff. Show all posts

Wednesday, November 21, 2012

Thoughts on Canadian Dollar

Thoughts on Canadian DollarSocialTwist Tell-a-Friend

Attached is a 40 day chart of December Canadian Dollar.

There has been some consolidation at the upper end of a well defined trend channel.  A trade above 100.42 would signal a breakout and we would initiate a long bias.  Upside objective would be 101.20.  Stop out level would be a trade below 99.90.

A rally in Canada would most likely coincide with a continuation of the "risk on" rally that began on Friday.  The current tailwinds for risk assets are hopeful rhetoric on the fiscal cliff and the potential for increased Fed liquidity.

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