Elliott Wave 5.0 "Reboot"

Tuesday, February 2, 2016

Canadian Dollar Intraday Review: Back To A Bear Market?

Fundamentals have improved in Canada even with the bad crude oil numbers.   Canada is running on pure Trudeau power as he has not done much to even show that he is in the game. Photo ops only last so long  before the novelty wears out. 

Most of the time markets don't care who is in power and who is leaving power, but the policies they introduce can make a radical difference. 

In the last part of January the US dollar started a run where all the waves overlap each other like impulse rules not longer apply. Diagoanls are on the side of impulse waves, but they all forecast violent moves to the opposite way as they are also ending type patterns.   The import thing is we can clearly see on this small scale,  how the pattern dramatically changes. 

Hopefully there is more upside than this, and any correction should find a bottom.
Any correction  could  take us back to the 70 cent price level, before the CAD cranks up again.