Loonie falls close to eight-month low

Forexmentor.com Forex Trading Price Action

I hope you had a great Christmas, or that you enjoyed whatever your religious persuasion dictated. I also hope you are enjoying the USD/CAD ride. Last quote: 1635. “Canada’s growth grinds to a halt.” “Loonie falls hard on weak growth.” “Loonie falls close to eight-month low.” With news headlines like that, where do you think the loonie is going. I’ll give you a clue. It isn’t up. Where are all those pundits who were so convinced the loonie would achieve par with the USD? Hiding under a rock is my best guess, and that’s where they belong. There should be a law against ‘Talking Heads’ who don’t know what they’re talking about. At last glance, the 200 EMA was trending up on the 4 hour, 1 hour and 15 minute charts. Translation: bullish. Buy those dips folks. This ride isn’t over yet. In terms of knowing when this run will end, check out Gary Gray’s module in the members’ area at www.forexmentor.com.

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