Canada CPI is coming in few minutes. What do we
expect? A lot of Canadian dollar pairs are showing possible bottoms. If you
take gbp/cad or eur/cad as an example we can see clear resistance levels that
both Euro and Pound were not able to break in a few years time. However, I do
not rule the chance that this will change. I hope you see what happens in commodities.
Gold has lost ground below ‘its’ feet and most other commodities are falling
too.
The same can be said about commodity currencies.
Australian dollar as well as New Zealand dollar have been terribly falling
recently. So, it is very probable that ‘loonie’ will fall too. Do not forget
that it is highly correlated to oil and look what is happening to oil.
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