Canadian Dollar Hitting the Targets

November 12, 2007

On Friday I went out on a limb saying that I like buying USDCAD and received a barrage of emails asking me if I am crazy. Thankfully today I have been vindicated with the currency pair seeing its strongest move since in 1971. Did my tea leaves tell me that the currency pair would be so strong today? No. I actually expected this to be a move that lasted for a few days.

Where to from here? 0.9750 is resistance followed by 0.9880. I dont see a break back above 1.0 (or parity in the near future)

Jamie’s 9 Week Trading Anomaly was also a Great Call!

Jamie Saettele, my Technical Currency Analyst at DailyFX sees a 9 Week Trading Anomaly that also foreshadows a turn and on Bloomberg and CNBC I talked about a bunch of fundamental reasons why

Unfortunately only CNBC offers their Videos online, click the video to play