munyaelliott

LOONIE (CANADIAN DOLLAR INDEX) (CXY) DAILY TIMEFRAME SHORT

Short
TVC:CXY   Canadian Dollar Currency Index
The Loonie index is currently moving in a downtrend, as shown by the lower highs and lower lows on the daily timeframe . This is also in sync with the commodities markets ( crude oil , well and even gold ), which have been experiencing bear pressure lately. It is no secret that currencies like the Loonie ( Canadian dollar ), Aussie (Australian dollar) and the Kiwi (New Zealand dollar) are driven by commodities . The outlook of the commodities market can give us a bias towards these currencies especially if their movements are in harmony.

If the index can break above the 75 price level, then we could see a potential bull run. For now, our bias remains bearish with potential targets around the 72 price level.

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