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by Ashraf Laidi
Posted: Feb 22, 2010 5:00
Comments: 3119
Posted: Feb 22, 2010 5:00
Comments: 3119
Forum Topic:
Commodity FX (CAD AUD NZD NOK)
Discuss Commodity FX (CAD AUD NZD NOK)
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Ashraf
from MNI FX Bullets
DOLLAR-CANADA: Dennis Gartman of TGL notes that the C$ has been on the
defensive in recent weeks, perhaps in part because of the historical
axiom that said when the US catches a cold, Canada catches pneumonia, a
reference to the strong trade ties between the two neighbors. While
Gartman sees risk of C$ weakness ahead, he opines; Can we imagine the C$
trading back toward "par" with the US dollar then? No, really we cannot,
for things economic are still so much stronger in Canada than they are
here in the US for any number of reasons, not the least of which is her
far-better-off banking system, her much better-off fiscal circumstance;
her much stronger export situation and we can go on. However, for the
moment, weakness in the US is hitting the C$. This shall be temporary
and we are preparing ourselves to become egregious bulls of the C$ once
again. It is not a matter of "if." It is merely a matter of "when."
Ashraf