USDCAD CADJPY S&P500
The remarkable strengthening in the positive correlation between the Canadian dollar and equities shows no retreat. While the S&P500 faces no major technical barriers as far as moving averages except for the 200-day MA (stands as far as 965), both USDCAD and CADJPY are testing their own 200-day MAs. Interestingly though, the last time CADJPY was below its 200-day MA was in January 2008, compared to June 2008 for USDCAD. This means that CADs rise vs. USD has been more rapid than that against JPY, which reflects the weak performance of USDJPY. The chart below illustrates CAD vs USD (not USDCAD) to highlight the strong correlation with equities. Most strikingly, is that S&P500, CADJPY and USDCAD, each topped out within 5 days of each other in Oct-Nov 2007.
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