The Canadian currency is in a strong position with GDP growth at 2% annually. Its annual GDP will reach 2.2% by 2017. It is currently in the late stages of a recession. Its export market is growing. CPI is expected to grow as the effect of falling gas prices fades and their capacity to produce grows. I expect a gradual increase in rates in late 2016!!!
So, this new economic expansion for Canada, we be being born right in front of our eyes.
I am watching the price fall, here is where I want to attack the market. If oil drops, and the Canadian currency falls to these levels, this is the plan:
(1) The Primary pathway: Buy Canadian dollar against the US Dollar when it reaches 0.7480 and 0.7430. Anticipating a bounce in the Canadian Dollar from there.
***Of course, it is normally traded as USDCAD , so the prices will NOT be the same.
Then, be vigilant to see, if a bounce occurs, that the bounce doesn't turn around and fall back down.
(2) The Alternate Pathway: If the bounce fails at resistance from, the go to the alternate pathway. I do not believe that this will occur, but keeping eyes open to the possibility.
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