08:14 AM EDT, 08/22/2024 (MT Newswires) -- "Amazingly," the softness in the energy market and the Bank of Canada's (BoC) willingness to cut rates ahead of the United States Federal Reserve have far from undercut the Canadian dollar (CAD or loonie), as at C$1.3578, it has "magically" broken through all of its major trendlines -- the 200-day moving average (DMA) was just taken out, said Rosenberg Research

Not even the news that a national railway stoppage affecting C$280 billion annual worth of shipping volumes has managed to dent the loonie as the shorts have decided to cover their positions -- for whatever reason, noted Rosenberg Research.