The Mexican – Canadian Wars

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While the US is holding elections, spending more than it has and blathering on about the Fiscal Cliff our neighbors to the north and south have been quietly fighting a war. A stock war that is. And Mexico has been kicking some Canadian booty. The weekly ratio chart below shows long rising channel with the Mexico iShares, $EWW, outperforming the Canada iShares, $EWC, since October 2011. The shorter term view, from June 2012 shows an ascending triangle building with a top at

2.43 that has been tested twice. Now working on its third higher low, another test seems imminent with a bullish Relative Strength Index (RSI), a Moving Average Convergence Divergence indicator (MACD) that is turning positive and a Accumulation/Distribution line showing continued accumulation. Above 2.43 the target becomes 2.76 or 13.5% higher. Still plenty of room to run.

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The information in this blog post represents my own opinions and does not contain a recommendation for any particular security or investment. I or my affiliates may hold positions or other interests in securities mentioned in the Blog, please see my Disclaimer page for my full disclaimer.

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