USD/CAD Support/Resistance Line, Continued...
Here is an extended outlook on fundamentals:
We are getting through the end of this earnings season - so just a smattering of companies left to report. Next week, we have claims and durable goods and then it gets really exciting.
**8/31 Bernanke speaks at Jackson Hole
**9/1 Draghi speaks at Jackson Hole
**9/3 Greece and Spain discussions
**9/3-9/4 Manufacturing data for Europe, China and US
**9/6 ECB meeting
**9/6 Merkel and Rajoy meeting
**9/7 US unemployment
So use patience over the next week and a half as summer markets wrap up as there should be some fireworks ahead!
Technically, I have been using this week to talk about inter-market relationships and the Oil & USD/CAD relationship. It has been a trading opportunity that shows how old support can become new resistance. I brought it up in my webinar on Wednesday evening and then talked about it in yesterday's commentary and I have to wrap up the week with it as the USD/CAD is right back at this "critical area". See how the red trendline that marked support is now becoming resistance:
Past performance is not indicative of future results
With equities surging towards resistance and oil getting dragged higher, it seems that as long as equities keep pushing on, oil strengthens and the USD could be sold off as it "over strengthens".
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