Canada possibly Down for hours....Get ready everyone... Possibly down for hours........ or days . Keep monitoring and watch out for pullback
About Canadian Dollar Currency Index
The Canadian Dollar Currency Index (CXY) shows a relation between the CAD and other major currencies. The Canadian dollar is a commodity currency — which means that commodity prices are a significant factor here. The other important moment is a large-scale trading partnership with the US (which makes sense when you consider). If volume of trades is decreasing for whatever reason, it might be negative for the CAD rates and this index.
Weekly Canada looks Super StrongSuggesting Up continuation for Canada , so the vs would be going south. Watch out for Daily, h1 and h4 retracements
CXY | Just the TechnicalsCXY is bearish. Will the downtrend continue? Looking at the bigger picture, I'd expect a short-term correction before (or if) CXY moves southward to test the lowest support.
These are just the technicals, macroeconomic factors are ignored here!
cxy update analyzing Canadian dollar index is significant for oil analysis as correlations is directly and intensely
now CXY broke its supports to fall for third time to its lowest
please see my previous analysis as below in which our wave count invalidated
CAD will keep devaluating further Please see my analysis on CXY - We will most likely test the identified levels
buy the canadian index soon possibility that the correction is finished on the fibo extension 1.0
and we are looking for buying opportunities for the canadian
cxy is bullish for a while Canadian dollar index is within its correctional wave and a wolfe wave pattern is seen there indicating final leg of WXY will be completed
this week BOC will announce new interest rate which predicted to be hawkish
THE LOONIE DOWNFALL UPCOMING.CXY or the Canadian Dollar experienced massive rally from the 2nd week last month and raided most of its rivals. But at this point of writing. CXY broke resistance trendline after it reached its peak and its weakness starts to show itself in some pairs ie CADJPY,GBPCAD,NZDCAD and USDCAD mostly when
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