CAD Dilemma since 2016
1) CAD strength against the basket of other majors, USD, JPY, EUR, GBP, CHF, AUD & NZD. Indicated as the black line and titled CAD IDX .
2) USDJPY (UJ), the bar chart.
The UJ events are indicated by the down arrows on UJ. As part of UJ CAD and JPY crash and then rally and I tried to find correlations or relations between UJ and the CAD equally weighted index ( IDX ) I like to use.
The CAD rallies are the big arrows up on CAD IDX and the last one on the right is the one I am expecting in the next couple of weeks, at least not later than June. After which I expect another long deep drop of USDJPY to follow like it did in the past two years.
This year I noticed some other signals that may point out to a possible CAD break of channel resistance from which it has been captured by since 2016. This break-out will cause the long awaited drop on USDCAD , also since 2016, which would be in agreement with the break-out move.
Also check my related ideas on UJ and its opening bell.