Canada is Poised to Move, Eh

I had a dinner of Chinese food at Chinchin (excellent by the way) with Phil Pearlman, Howard Lindzon and a couple of his fellow Canadians last night. Dr. Phil had to leave early and after he did the conversation turned to start up businesses and Toronto. Now I have been to Toronto a dozen times but always within the same 4 block radius where all the banks are. These guys KNEW Toronto. So when I got back to my airbnb apartment naturally I had to do some more digging on our neighbor to the North. And guess what I found? The Canadian market is poised to take off you hosers! Take a look, eh.

ewc

The chart above is the Canada iShares ETF, $EWC. You can see that it is consolidating at the January highs in a bull flag. The momentum indicators are mixed with the RSI supportive of more upside but the MACD running lower. So a tie from them. But look at the Bollinger bands. They are extremely tight and this often foretells of a pending move as was the case in February and then March. With the Measured Move higher to 30.50 it could be a nice time to head into the great white north.

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