He's been wrong on this. Commercial hedgers have been quite long the CAD and remain so. Starting to see this on the Euro as well. He follows the commercial hedgers, who aren't always right, though. The next target for the CAD is 65 cents. The CAD is trying to find a floor. The 72-cent level is key; if we rise above that, it's positive. Watch 72 cents. Don't short the CAD. Probably, most of the bad new is priced in, so we could see a sharp snapback in the CAD. All this is driven by interest rates, particularly the US which look extended.
It was rangebound in 2022-2023, but has recently broken to new lows. Not a great chart. Note that the energy chart (XEG) has been in a choppy trading range the past year with little real movement. But money managers seeking dividends have been moving out of telcos and into energy, which are now worth considering. Veren looks weak, though.
It had a big downtrend from late 2021 to late 2023. Like the rails, this has come off sharply of late. There's likely more downside coming. If the stock breaks above the August low around $115, you can add more. Now, we'll likely see a bounce to that $115 resistance, but doubt this will rise above that.
If he's right about a correction in 2025, money managers will rotate into defensive areas like staples, utilities, healthcare and REITs. Their chart was in a big downtrend in recent years. PFE's chart has a double bottom this year. Relative strength is moving up. Also, volumes has popped around $25 (trough). The risk/reward is good. You're paid 6.5% to wait, too. $25 is big technical support.
(Analysts’ price target is $32.04)
It's broken out since mid-July in a solid run. We're late in the overall cycle in which energy, materials and staples thrive, because this is when inflation comes back. Unfortunately, he expects inflation to return in 2025. Staples can pass on inflation to consumers.