The Market Direction Outlook for the Toronto Stock Exchange for Monday continued to hinge on the US Dollar and the price of oil. For Monday these worked out in favour of the TSX Index with the Canadian dollar rallying and oil closing higher.
Part of the rise in the Canadian dollar was caused by bullish investors who were unwinding bullish positions on interest rates and the US dollar. These investors were betting on the US dollar rising higher as they expected interest rates to move up no later than June. They were wrong, or so it would seem, and they have been unwinding positions for the past two trading sessions which has been partly responsible for the declining US dollar and the rising Canadian dollar. This will only last a couple more days at most. Then we will see what happens to the US dollar. Meanwhile oil continued to recover although there are no changes to the huge oversupply numbers.
The rest of this TSX Market Direction Outlook article is for FullyInformed Canada members.
For FullyInformed Canada members, here is the Market Direction Outlook for the Toronto Stock Exchange for March 24 2015.
TSX Market Direction Outlook for March 24 2015
FullyInformed Canada Members can login through this link to read the latest market direction outlook for the Toronto Stock Exchange or members can sign in to the full Canada members site here. Investors can join FullyInformed’s Canada section or read about the benefits of being a member through this link.
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