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$82 Oil - Safe Haven - Gold Maple Leafs
There are plenty of reasons why the Canadian Loonie is eye to eye with the US Dollar. With Gold at 30 year highs and jawboning by the talking heads discussing $200 Oil - What’s not to like about things Canadian. Eh, I hear they have a health plan too!
Prediction of Parity By End Of Summer - Complete!
Today at approx 9:11am EST the Loonie dropped to a low of 0.9999. for the first time since the US Bi-Centennial, Jimmy Carter, Peter Frampton, Shah of Iran, era of 1976! With September 23 marking the end of Summer my prediction on this blog (posted May 15th - see archives) that we would see parity by the end of the season has come to fruition.
Lowest Level since 1976! Is it Sustainable?
But before we get too far ahead of ourselves, This could also be viewed like climbing a mountain: Why did the Canadian Dollar reach Parity with the US? “Because It Is There”! Now that we have reached the Peak - Is it time to come back down? Having talked with many Canadians just last week at a conference in NY, many businesses in Canada do not want a high Loonie!
Other Predictions and Posts
Head and Shoulders Pattern Completed - On September 8 I posted a Dual Head and Shoulder pattern that completed as Ben Bernanke and the FOMC lowered interest rates .50% in a surprisingly aggressive move. I hope you all tuned in to the Webcast on FX Street.com.
Where Do We Go From Here?
The Fibonacci Extensions from July 25 to the August 16th high show that 1.0014 is the 1.618 level which is where price is bouncing around as I type. The next support level is 0.9924 at the 1.786 extension.
Click on the Charts to Enlarge (see Sept 8 and May 15th posts)
As Sr. Analyst, and Trader Jerry Furst - Founder of Investors Education Network (IEN), is also a mentor and trading coach to select clients.
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I hope you’re enjoying your GLD and GDX positions this morning.
That’s Bernanke, murdering the dollar to bail out housing speculators and lenders, exactly as we predicted. I hope you hedged your currency if you’re planning any overseas trips in the next few years.
I hope you’re enjoying your GLD and GDX positions this morning.
That’s Bernanke, murdering the dollar to bail out housing speculators and lenders, exactly as we predicted. I hope you hedged your currency if you’re planning any overseas trips in the next few years.