Commodity deflation, DXY backtest and bounce, more helicopter $$
CAD finding support at first fib lvl to confirm retrace, oil dumping, DXY starting a new uptrend. Falling housing prices all bearish for the CAD. Government is extending COVID benefits, which is basically UBI, with no prospect for returning all these unemployed ppl back to work.
UBI is a punchbowl they can never take back, in fact, Canada may lead the UBI experiment ( eventual disaster ). Plus, more lockdowns looming.
Adding to position if we break the main descending trendline ( yellow ).
UBI is a punchbowl they can never take back, in fact, Canada may lead the UBI experiment ( eventual disaster ). Plus, more lockdowns looming.
Adding to position if we break the main descending trendline ( yellow ).
Note
Got stopped out, but have now re-entered at 1.31724. DXY bounced at .5 fib. Seasonal demand for oil normally falls.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.