FX:USDCAD   U.S. Dollar/Canadian Dollar
424 7 2
The USD/Canadian Dollar has been bouncing between a base at 0.98-0.97 and massive resistance at 106-105-104 for the past 6 months.

The price is quiet here against this 0.9900 level and it appears that the downside momentum is over for the time being.

I can also imagine that investors have been hiding in the Canadian Dollar             for the past few years as a resting place for financial markets to settle out. Now that Gold             is struggling to perform and US Gov't bonds are also under pressure, it may be time to look for a meaningful appreciation of the US Dollar             in the next few quarters.

Upside to 106 to 108 with risk to 0.97 from 0.9931 last. Upside 7-9, downside 2.

By: Technical Tim, March 21, 2012 11:01AM EST
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Do you suppose that stock market will rise too? I do this question because the correlation between Canadian Dollar and S&P is very high.
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timwest PRO Filibuster
I am constructive on the stock market overall. Have you seen my stock market (DIA) forecasts?
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JereWS Filibuster
As this is USDCAD there is an inverse correlation, CAD/USD is correlated to the SP500 as is AUDUSD.
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I appreciate your comment. Long term I don't view the connection between these markets to be much more than noise. I made my case that people will begin to exit safe-haven investments and if you view the Canadian Dollar as such, then I believe it will lag the USDollar going forward.
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This chart of the USDCAD is coming along nicely so far.
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The projected movement in USDCAD has been reasonably accurate to what has transpired. More upside ahead.
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