Canadian Dollar Futures (86.72)

I've been looking for a modest setback for the Loonie since last September (84 cents) and it hasn't happened yet. Now I'm getting mixed messages from my intermediate term price momentum work, so I can no longer justify calling for a correction.

The long term picture looks overbought but strong. A long term overbought condition can take months to unwind. I have no choice but to go to "hold" position for the Canadian dollar until there is clarification in the numbers. I'm really surprised that there was no reaction to the recent setback in the resource area.