After hitting a two-month low the C$ strengthened on Friday due to higher oil prices and strong employment numbers, however the long-term trend remains down. Sell any strength as the market heads to the December lows.
Given the sharp rise last week the US$ is quiet this morning. Look for weakness as a buying opportunity in a long-term strengthening currency that reflects the strong US economy.
EUR is holding steady this morning as the market waits for the next Brexit vote tomorrow. The EU has rejected British proposals, so vote prospects are poor. Sell any EUR rally as the long-term trend for EUR remains down.
- Drummond Gill