The Canadian Olympic women’s hockey team was down 2-0 late in the game but scored with 55 seconds left to tie the game and it’s headed to overtime.
The loonie isn’t in much better shape than the hockey team was and it will take the same kind of unlikely scenario to get back to parity with the US dollar. Unfortunately, the magic in Sochi is less likely in the market. The bullish reversal in USD/CAD yesterday was like a Wayne Gretzky pass to an empty net so I don’t think the loonie has the same kind of chance at a comeback. Resistance is almost nil until the January high of 1.1224.
USD/CAD daily
Update: Oh snap, Canada with the overtime win… still not buying CAD.
