Updating our ongoing chart study of the loonie, the C$ achieved our downside intermediate target this week, as indicated below. As highlighted by my partner, and Technician, Cory Venable, the C$ is so far exhibiting an eerie similarity to its price movements in October 2008. While we could see a period of short-term rally here back to the .97 range, a breakdown from there could prove quite foreboding for the global growth story.
Cory’s Chart Corner
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