​​Canadian Stocks (XIU ETF) consolidation continue on higher rates fear.​
Stronger Canadian Economic data lately relative to the US will continue
​push the BOC to act on rates going forward.
​  ​
​​​​​​Some Technical Charts and Short Comments on Canadian financial products:
​1) XIU ETF (iShares S&P/TSX 60 Index ETF) Broke 8 weeks ago the Previous
​Major Weekly ​Double Top Breakout Trendline at 22.78 that was critical 4 Bulls.
​Testing Weekly ​Downtrend Channel Resistance. (See first chart below-Channel)​​.
​
2​) XFN ETF (iShares S&P/TSX Capped Financials Index ETF) Broke a Weekly
​Rising Wedge 2 weeks ago (Blue). Tested and Rejected again the Resistance
​Trendline (red) (See second chart below)​
​​
​3) ​XBM ETF (iShares S&P/TSX Global Base Metals Index ETF) still Into a
​Weekly Uptrend Channel. ​​(See third chart below - Channel)​​
​Back above previous Weekly Breakout Trendline (yellow)
​
​4) XEG ETF (iShares S&P/TSX Capped Energy Index ETF) still into a Weekly
Downtrend Channel​. ​(See 4rth chart below - Channel)  Bulls lost ​control as we
​Broke ​the Weekly Support Trendline 10 weeks ago (yellow).​ 

​​​5) Canadian Dollar/ US$ (USDCAD) Broke violently a Weekly Megaphone Support Technical Pattern 5 weeks ago. ​(See fifth chart below - Blue Trendlines)​  Still Into a Weekly Downtrend Channel.

6) XBB ETF (iShares Canadian Universe Bond Index ETF)  Broke 8 weeks ago a steep Weekly Rising Wedge Support Trendline. ​​(See sixth chart below - Yellow Trendlines)  Still Into a Weekly Downtrend Channel. Back above the Major Weekly Support Trendline that started back in October 2008!

7) Canadian VIX Index (​SPTSX60 Volatility) compare to the US SP100 Index VXO is still above the resistance zone. ​ (See seventh chart below - Grey Trendline). Canadian stocks are more Volatile than US stocks with the BOC hawkish bias.
​
8) Natural Gas Futures (NG2-NYMEX) still below the Previous Weekly Breakdown Trendline from March 2016, critical for Bulls to break. ​(See eight chart below - Blue trendline).  Still into a Weekly Downtrend Channel.​

​​​9) Light Crude Oil Futures (CL2-NYMEX) Testing a Weekly Uptrend Channel Resistance that started since June 2017. ​(See ninth chart below - Channel)​.

​​The XIU ETF continue to underperform tremendously the SP500 Index (SPY ETF) as the Bank of Canada surprise us with a restrictive bias 9 weeks ago (mainly the interest sensitive sectors). 


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"To fight and conquer in all your battles is not supreme excellence; supreme excellence consists in breaking the enemy's resistance without fighting."
​
-Sun Tzu, the Art of War