Editor’s Note: Shorter version today. Testing the waters with a new system.
Technical Notes
India ETFs $INDA and $PIN moved below intermediate support extending an intermediate downtrend.
The U.S. Dollar Index and its related Exchange Traded Note, UUP continued moving higher in anticipation of Trump’s trade proposals to favour U.S. produced goods
Strength in the U.S. Dollar prompted weakness precious metals and base metals equities and related ETFs including GDX, XGD.TO, PICK and XBM.TO. Many moved below support setting intermediate downtrends.
U.S. big cap healthcare stocks Amgen, Pfizer and Johnson & Johnson and related ETFs (e.g. PPH) moved below support extending intermediate downtrends.
Disclaimer: Seasonality ratings and technical ratings offered in this report and at
www.equityclock.com are for information only. They should not be considered as
advice to purchase or to sell mentioned securities. Data offered in this report is
believed to be accurate, but is not guaranteed
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November 13th, 2024 at 12:04 pm
CAD just broke long-term support at 0.7156 which was the low in 2022. Next major support level is 0.6820 which was the pandemic March 2020 low. Below is a quite pessimistic analysis of CAD by David Rosenberg whose target is 1.50 per USD.
https://www.theglobeandmail.com/investing/markets/inside-the-market/article-david-rosenberg-if-donald-trump-wins-the-canadian-dollar-is-in-big/
November 13th, 2024 at 1:34 pm
I take analysis from the ‘Perma-Bear’ Rosenberg with a large grain of salt.
November 13th, 2024 at 3:52 pm
Aren’t all currencies getting wacked by USD strength and the thought of Trump allowing more favorable conditions (continuation Trump corporate tax rate and easy bank regulation). And gotta agree with still_learning on Rosie.
November 13th, 2024 at 4:34 pm
Rosenberg – I have mocked his recession calls for years on this blog site but on this call on CAD he is not alone on this prognosis. Karl Schamotta sees CAD dropping another 2-3% by the end of this year so he is looking for a drop to 0.70 or possibly lower. He is, however, looking for a recovery post-inauguration to the 0.74 level. For the time being I like getting a boost from currency differential in my portfolio.
https://www.bnnbloomberg.ca/video/shows/the-open/2024/11/13/canada-us-trade-tensions-impacting-the-loonie/
November 13th, 2024 at 5:06 pm
I agree with Karl’s call. This could be market driven USD strength due to the Trump hoopla, and Trump does like a weaker USD to boost exports.