The Canadian dollar has been in the doldrums for the past six weeks. It’s the worst performing major currency in that time but today you could say it’s mood has rebounded like a crackhead hitting the pipe today.
Alright, that’s a bit of a stretch but I couldn’t resist taking a jab at Toronto mayor Rob Ford after police in the city today said they have recovered a video of him smoking crack.
This isn’t the video but it’s a separate, equally priceless moment from the mayor.
The question is: How long will this Canadian dollar high last?
It could go either way at the moment as USD/CAD tests the early October high.
USDCAD daily
If that line holds, look for a period of consolidation ahead of a test of the summer highs. If it breaks, I expect a deeper correction.
The support line is at 1.0420 — you can’t make this stuff up.
