Canadian Dollar Bullish Phase Update.

Late 2017 saw a bearish move in our Canadian dollar. Last week our dollar came alive corresponding with a jump in our Canadian Select oil prices. To spend all my  time, researching fundamentals why prices go up and down is an exercise in futility. The majority use fundamental analysis, but since when has the majority been right at major turning points?

I will stick with a potential zigzag bull market in Minor degree for now, but will change it in the future once I can see a better fitting alternate. Sure, analysts have portrayed Canada with booming fundamentals, but remember fundamentals will always tell you the wrong things at the extremes. In the wise words of Rick Rule, “if you’re not a contrarian, you become the victim”,  is applicable in conventional terms and in the Elliott Wave Principle as well.  Getting trampled by the herd is not something I wish on anyone but the sad fact remains, investors as a herd have no memory.

Our CAD is not set for a super bullish phase as it might have to roll around and frustrate the analysts much longer. Short term a potential diagonal wave structure could push our Canadian dollar much higher.  The spike that developed last week, could be a sign of a potential correction to come, but it may take many weeks before we know with any kind of certainty.