{"id":26802,"date":"2015-07-22T23:37:29","date_gmt":"2015-07-23T06:37:29","guid":{"rendered":"http:\/\/drduru.com\/onetwentytwo\/?p=26802"},"modified":"2015-07-22T23:37:29","modified_gmt":"2015-07-23T06:37:29","slug":"the-canadian-dollar-slips-on-an-oil-slicked-november-gdp-report","status":"publish","type":"post","link":"https:\/\/drduru.com\/onetwentytwo\/2015\/07\/22\/the-canadian-dollar-slips-on-an-oil-slicked-november-gdp-report\/","title":{"rendered":"The Canadian Dollar Slips On An Oil-Slicked November GDP Report"},"content":{"rendered":"

(This is an excerpt from an article I originally published on Seeking Alpha on Feb 2, 2015. Click here to read the entire piece<\/a>.)<\/strong><\/p>\n

It is never good to see a negative print on a GDP growth number. It is even worse when it is below market “expectations.”<\/p>\n

When Statistics Canada reported a GDP decline of 0.2% from October to November, the print came in below expectations for a flat report<\/a>. What I am sure stuck out the most was the negative performance of mining and oil and gas extraction.<\/p>\n


\n
\"Manufacturing<\/a>
Manufacturing and mining and oil and gas extraction swing November’s GDP growth into negative territory<\/figcaption><\/figure>
\nSource: Statistics Canada<\/a><\/strong>
\n<\/center><\/p>\n

It looks like the long-feared economic decline of Canada’s oil patch has begun.<\/p>\n

{snip}<\/p>\n

The reaction in currency markets was dramatic and underlined the fresh fear that the Canadian dollar’s weakness still has plenty of room to run. For the third day in a row, the Canadian dollar lost significant ground to the U.S. dollar. The monthly chart below shows that CurrencyShares Canadian Dollar ETF (FXC) has almost returned to 2009 levels.<\/p>\n


\n
\"CurrencyShares<\/a>
CurrencyShares Canadian Dollar ETF (FXC) drops for the fifth straight month and six out of the last seven as the downtrend from 2011’s peak continues<\/figcaption><\/figure>
\nSource: FreeStockCharts.com<\/a><\/strong>
\n<\/center><\/p>\n

Normally, this kind of retest would get me interested in trying a buy. In THIS case, I am lot more cautious. The downward trend in the Canadian dollar has lasted longer and extended further than even my most bearish assessments from 2013 to 2014. {snip}<\/p>\n

Be careful out there!<\/p>\n

Full disclosure: long USD\/CAD<\/p>\n

(This is an excerpt from an article I originally published on Seeking Alpha on Feb 2, 2015. Click here to read the entire piece<\/a>.)<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

(This is an excerpt from an article I originally published on Seeking Alpha on Feb 2, 2015. Click here to read the entire piece.) It is never good to see a negative print on a GDP growth number. It is even worse when it is below market “expectations.” When Statistics Canada reported a GDP decline … Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[235,59],"tags":[236,297,247,469],"class_list":["post-26802","post","type-post","status-publish","format-standard","hentry","category-canada","category-economy","tag-bank-of-canada","tag-fxc","tag-gdp","tag-usdcad"],"yoast_head":"\nThe Canadian Dollar Slips On An Oil-Slicked November GDP Report - ONE-TWENTY TWO: Trading Financial Markets<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/drduru.com\/onetwentytwo\/2015\/07\/22\/the-canadian-dollar-slips-on-an-oil-slicked-november-gdp-report\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The Canadian Dollar Slips On An Oil-Slicked November GDP Report - ONE-TWENTY TWO: Trading Financial Markets\" \/>\n<meta property=\"og:description\" content=\"(This is an excerpt from an article I originally published on Seeking Alpha on Feb 2, 2015. 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