WILL THE CANADIAN DOLLAR  WEAKEN AS WE HEAD TOWARDS 2018? 

More Oil & Gas companies are listed on Toronto Stock Exchange (TSX) and TSX Venture Exchange than any other exchange in the world. Therefore to Track the long-term performance of the Canadian Dollar which is largely driven by Global Energy prices , I closely follow the price Action of these Companies using the S&P Toronto Stock Exchange(TSX) Equal Weight Oil and Gas Index which has an over 95% inverse correlation with the USDCAD . 

As the INDEX  formed a 12wk Head and Shoulder Top, the USDCAD curved out a Bottom Head and Shoulder and successfully broke out of it. Currently the USDCAD has formed a possible continuation Bullish Rectangle Chart pattern and price might continue to Surge if Oil and Gas stocks respect the 3yr primary down-trend by Resolving  the  12wk Head and Shoulder Top.