Canadian Dollar Futures (86.65)

I've been looking for a correction in the value of the "Loonie" since September, and instead it has built an impressive top that is easily seen on the monthly chart.

Some are describing the Canadian Dollar as a "petro-currency". There is no question that the Canadian economy has a strong resource underpinning, and as such, it has been difficult to get the currency into correction mode, even for the short term.

Nonetheless, I'm stuck with models that continue to show a short term overbought condition - so I'll have to wait until time wears it down before I can get enthusiastic again.

The underlying long term trend remains intact and strong.