Canadian dollar outlook: DOWN.

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Jack talked about the Canadian dollar back on January 30. He led off with the heavily bullish positioning among small speculators in Canadian dollar futures.

And he suggested a longer-term trend change could materialize.

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We’re sticking with that idea today.

Indeed, bullish positioning has reversed. The Canadian dollar hasn’t reacted proportionately. But we think this move among traders creates the potential firepower “to drive a new trend.”

When Jack produced a Commitment of Traders table a couple weeks ago it showed large specs were 89% bullish and small specs were a whopping 96% bullish! Those numbers have eroded to 63% and 83%, respectively.

Firepower? Quite possibly …

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avatarDoug Casey - Black Swan Currency Currents posted Friday, February 15th, 2013.

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