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Currency Shares CDN Dollar Trust (FXC-NYSE) - The FXC is being used as a tool of confirmation. Any divergences between the USD/CAD and the S&P 500 should be considered as a major warning. It is unknown for how much longer this relationship will give reliable signals. It appears as though the CAD will benefit considerably from rising U.S. markets. The FXC is currently supported by a 61.8% retracement value located at 79.88. All daily closing prices have respected this level thus far. Notably is the development of a 2 day Japanese Candlestick pattern known as a “hammer”. The confirmation day following the hammer is sufficient to label this pattern as such. When we apply a standard deviation of 1.618 to a look back period of 28 days we see the FXC supported by its lower deviation of $79.45. The upside target for the FXC is 90.08.
Currency Shares CDN Dollar Trust (FXC-NYSE) - The FXC is being used as a tool of confirmation. Any divergences between the USD/CAD and the S&P 500 should be considered as a major warning. It is unknown for how much longer this relationship will give reliable signals. It appears as though the CAD will benefit considerably from rising U.S. markets. The FXC is currently supported by a 61.8% retracement value located at 79.88. All daily closing prices have respected this level thus far. Notably is the development of a 2 day Japanese Candlestick pattern known as a “hammer”. The confirmation day following the hammer is sufficient to label this pattern as such. When we apply a standard deviation of 1.618 to a look back period of 28 days we see the FXC supported by its lower deviation of $79.45. The upside target for the FXC is 90.08.
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