There are two great articles written within the last couple of days that address this from an Elliot Wave point of view. Both analysts have a very good track record with their calls.
One is from DailyFX, article is written by Jamie Saitttle and he is predicting an imminent turnaround soon, very soon. Anybody can access this website.
The other is written by Brian Dolan from GAIN, it's filed under weekly strategies for those that trade off of the GAIN platform.
According to Elliot Wave, we are at or near the bottom of wave 5 of a big 3rd wave. Donlan last night thought we could possibly see a last push to about 1.0732 to pull in the last of the laggard sellers but took a half position at current (1.0830) level in case we did not get that last push down.
Of course, there is my own analysis. Simply subscribe to Google's update service and use "Canadian Dollar". With nearly every paper and financial rag in the world talking about it, you know it goes the other way. You will get peppered with emails about how strong the Canadian buck is. That's my cue! Secondly, the COT reports are showing the commercial traders (smart money) are in the extreme long position with the US buck. They really are the makers of the markets. Last but not least, all we have been hearing for the last 2-4 weeks is the "sky is falling" story in regards to the US buck, yet another important clue. Once the media catches on, it's usually over.
Elliot Wave theory suggests the correction phase should take us to somewhere in the 1.1160 area before the Canadian dollar resumes it's current path and this could be an all summer ordeal.
Good luck, WillyT
One is from DailyFX, article is written by Jamie Saitttle and he is predicting an imminent turnaround soon, very soon. Anybody can access this website.
The other is written by Brian Dolan from GAIN, it's filed under weekly strategies for those that trade off of the GAIN platform.
According to Elliot Wave, we are at or near the bottom of wave 5 of a big 3rd wave. Donlan last night thought we could possibly see a last push to about 1.0732 to pull in the last of the laggard sellers but took a half position at current (1.0830) level in case we did not get that last push down.
Of course, there is my own analysis. Simply subscribe to Google's update service and use "Canadian Dollar". With nearly every paper and financial rag in the world talking about it, you know it goes the other way. You will get peppered with emails about how strong the Canadian buck is. That's my cue! Secondly, the COT reports are showing the commercial traders (smart money) are in the extreme long position with the US buck. They really are the makers of the markets. Last but not least, all we have been hearing for the last 2-4 weeks is the "sky is falling" story in regards to the US buck, yet another important clue. Once the media catches on, it's usually over.
Elliot Wave theory suggests the correction phase should take us to somewhere in the 1.1160 area before the Canadian dollar resumes it's current path and this could be an all summer ordeal.
Good luck, WillyT