The Canadian Technician

Greg Schnell
About the author: , CMT, is a Senior Technical Analyst at StockCharts.com specializing in intermarket and commodities analysis. Based in Calgary, he is a board member of the Canadian Society of Technical Analysts (CSTA) and the chairman of the CSTA Calgary chapter. He is also the author of Stock Charts for Dummies (Wiley, 2018).

Latest Posts

The Canadian Technician

When Assets Surge - Using The SCTR

by Greg Schnell

Recently, the market has experienced a Trump Jump on the back of the overnight lows on election day.  Surging forward, anyone who had either pulled back from the market or was caught watching and waiting has seen the $INDU chart up 5 days in a row since the election. But there is more. It seems regardless of the space, some of the moves have been parabolic. For some reason, the airlines have suddenly taken off in time for Thanksgiving. Marijuana legalization was on some of the voter ballots. Canopy Growth Corporation, a legal marijuana growing entity in Canada, has gone Read More 

The Canadian Technician

The US Dollar Races Skyward - Webinar Skim 2016-11-15

by Greg Schnell

For Canadians, one of the most important aspects of our economy is the close relationship we have with our neighbour, the United States. Understanding where the US Dollar is going is a large part of the Canadian investor's landscape. So today, the US Dollar Index ($USD), an index created from a basket of 7 currencies, closed above the highest weekly close in the last two years (red line) but not quite above the intraday highs. So this is a major two year resistance. On Chart 1, relative to the Canadian Dollar ($CDW), the US continues to go Read More 

The Canadian Technician

Cameco (CCO.TO, CCJ) Finds A Bid

by Greg Schnell

Cameco (CCO.TO, CCJ) has been in a downtrend for so long, only the most stubborn investors are still in the stock. This stock is set up for a very interesting turn of events. Looking at the USA ticker (CCJ), the results are similar. A little discussion on the merits of the technical condition is warranted because the stock looks to be on a crash course in a mine shaft. The reason there is some optimism for a trade here is the volume. The last two weeks have seen more than double the average volume on both the Canadian and US side. The MACD has finally turned positive and any Read More 

The Canadian Technician

Is This A Helicopter View Or Cliffside View?

by Greg Schnell

One of the signs of a bull market is when all the indexes are making new highs within a few days of each other. One of the signs of market weakness shows by having different indexes not confirm new highs together. So the question in the title is really asking if we step back, are we on the edge of a market precipice (Cliffside View) or are we just pulling back before resuming the uptrend (Helicopter View)? That's always a good thing to check. Recently, the $TSX hit a new 52-week high, which we would regard as bullish. One of the problems associated with the market right now in the USA is Read More 

The Canadian Technician

What's Holding The $TSX Up? Webinar Skim 2016-11-01

by Greg Schnell

The Toronto Stock Exchange ($TSX) has some worrying technical conditions this week. First of all, on a large 18 month chart, we appear to be breaking the trend line up. It also looks like we have a failed breakout above previous resistance. I have used the lowest slope possible to define the uptrend at this point. The MACD also gave us a sell signal today. Here is a longer view of the $TSX and the Bullish Percent Index ($BPTSE). Just using a simple 40 WMA suggests the market is correcting. We have had 11 sell signals in 12 years. We are very close to Read More 

The Canadian Technician

The Canadian Dollar Finds The Drain, Like So Many Before

by Greg Schnell

The Canadian Dollar ($CADUSD) continued its slide today. However, this may have broader implications for commodities as well. The previous times when the Canadian Dollar fell below the 200 DMA (red vertical lines), oil was already proceeding lower but continued down for multiple months.  The Canadian Dollar ($CADUSD) is also jumping on board a trend seen on many major currency pairs to the US Dollar. Below is the Euro ($EURUSD) which has a heavy weighting in the US Dollar Index ($USD). We can see this broke the uptrend line that started last fall.  Read More 

The Canadian Technician

Oil Bubbles Above $52 - Webinar Skim 2016-10-18

by Greg Schnell

Crude Oil continues to drift higher. The Texas Tea bubbled over $52 this morning on the December contract as the front month expires tomorrow. I have shown the breakout on this Crude tracking ETF (USO) chart. The USO has negative drift so the peak back in June that it was tracking was not quite $52. You can see this morning's push above $52 looks a little lower on the ETF. On the West Texas chart itself, we are a lot closer to June highs and the price action is breaking above. This is a new 52 week high for crude oil!!! Read More 

The Canadian Technician

$TSX Struggles At Long Term Resistance

by Greg Schnell

The $TSX has struggled to break through 15000. I have drawn a line at the recent high of 14850. The 20 WMA does a pretty good job of supporting the $TSX. In the zoom box, we can see the last two weeks have been supported by the 20 WMA in blue. If this rolls over and closes below 14500, a test of 14000 is likely. This is near the 40 WMA level and a major support/resistance level around 14000. With the RSI still signaling a bull market, this might just be a pullback. However, the PPO has rolled over from a pretty high level now. Be very careful about Read More 

The Canadian Technician

Moving Averages and Trend Lines Suggest ... Webinar Skim 2016-10-04

by Greg Schnell

One thing we continue to use technical analysis for is the balance between emotion and the market. When the market is roaring, we need to be a part of it. We also need to be aware of when the market is in an exaggerated state. Conversely, when the market feels just horrible, it presents some of the best buying opportunities. Using technicals to help understand where we are in the market extremes is important.  One of the indicators we use at StockCharts is the Bullish Percent Index. For more information on the Bullish Percent Index, click here for the ChartSchool Article. A Read More 

The Canadian Technician

Gold's Boat Doesn't Float (GLD)

by Greg Schnell

Gold (GLD) was down hard today. This move was particularly important as GLD broke through support. Through the last eight months, GLD did not outperform the $SPX. The big push to new three-month lows does not suggest any strength showing up yet. Investors probably have some time, probably 2-3 weeks to look for gold names. I will be talking about the Canadian Market on the Canadian Technician Webinar 2016-10-04. You can join me at 5 ET. If you can't catch the show live, please check this link for the recordings. StockCharts Webinar Archives. Good trading Read More 

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