Canadian Pop

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The dollar and the equities markets have never been, in my experience, so closely tied together.

Prechter's latest Elliott Wave Theorist (and it truly is one of the best I've read in ages) speaks eloquently about what they view as an imminent bull market – and a massive one – in the US dollar.

We got our first serious "Green Shoot" today with USD/CAD. Just look at this:

1020-cad

For a stock, a 2.23% rise is good news, but nothing earth-shaking. In the foreign currency markets, that is an enormous move – – the equivalent of Google moving $60 in terms of shock value.

By no means will the dollar's ascent be straight up; there is plenty of resistance. But today's move is a very encouraging sign for dollar bulls (and precious metals bears, like me).

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