Canadian economy contracts, loonie loses lift

The Canadian economy “unexpectedly” shrank by 0.1 percent in August, pointing to slower growth in the third quarter than in the first half of the year and supporting a Bank of Canada message that interest rate hikes are not imminent– the Canadian dollar is deservedly skidding against its U.S. counterpart.

Source: Cory Venable, CMT, Venable Park Investment Counsel Inc.

We patiently await some reality repricing in the stock market. I find the top-down perspective of long-term charts helpful:

Source: Cory Venable, CMT, Venable Park Investment Counsel Inc.

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