Canadian (CAD) Currency Downside Targets

13. January 2016 · Write a comment · Categories: EDGE Chart of the Day · Tags: , ,

As much as it pains me to blog this (I am short some CAD from earlier this week) but I have to point out the CAD looks as if it has more downside before we can see a legitimate bounce. Here is what the CAD futures contract shows us:

1-13-166C

Downside trend line, 261% extension and AB=CD extension all comes in around the same spot around the .6800 level.

Unfortunately, my finger is already a little smelly as I have been trying to “pick the bottom.”

 

Blake Morrow

Chief Currency Strategist, Wizetrade

 

Disclaimer: I am currently long some CAD currency

 

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