Canadian Dollar chart analysis

Near-term uptrend for the Canadian Dollar and intermediate downtrend
Near-term uptrend for the Canadian Dollar with resistance at $0.99

Canadian Dollar 6 Month Daily Chart

The near-term uptrend in the Canadian dollar will meet heavy resistance at $0.9900.

Reference my post from January 25, 2013: Canadian Dollar and TSX Composite Index Diverge and the excerpt from the post.

If the positive correlation between the TSX Index and the Canadian dollar is still relevant, then either the TSX trades down or the Canadian dollar trades up. At this stage in the market, I do not forecast an uptrend for the dollar so one can conclude that the TSX Index will not advance much more is this intermediate uptrend. The Canadian dollar has lost some of its luster as a petro-currency and safe haven investment.


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