(This is an excerpt from an article I originally published on Seeking Alpha on October 12, 2014. Click here to read the entire piece.)
Suddenly, I am feeling a lot less bearish about the Canadian dollar (FXC).
{snip}
This means that half the job creation over the past year happened all in one month. What was so special about September? Broad-based gains in employment across the economy: {snip}
The employment numbers were also molded by some dramatic demographic shifts. {snip}
The currency market was clearly unimpressed as the CurrencyShares Canadian Dollar ETF (FXC) dropped a fraction of a percent, hovering just above 2014 lows.
Source: FreeStockCharts.com
I am not inclined to suddenly reverse from a bearish to a bullish bias on the Canadian dollar until I see more follow-through on the economic data. It is of course very possible that this incredibly strong employment report was an aberration. {snip}
Be careful out there!
Full disclosure: no positions
(This is an excerpt from an article I originally published on Seeking Alpha on October 12, 2014. Click here to read the entire piece.)