The Loonie Is Heading South


Interesting chart: Convergence of the 1-, 2- and 3-year moving averages continues ($C 1.3603 – Friday). This combined with a widening US-CAD interest rate differential, a close to inverted CAD yield curve, near stagnant CAD export growth and lower prices, are very bearish for the currency. Look for a test weaker to the $C 1.3650 prior to year-end, the is heading south.

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