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

Canadian Insurers Pull Back & Pring Inflation Indicator

by Greg Schnell

Working through the charts of the Canadian Insurance equities, they are starting to weaken slightly. Manulife is starting to make 3-month lows in Relative Strength. Sunlife looks weaker yet. Great-West Life is close to a 5-month low in RS. While it never had the spurious Trump jump, it is a 7-month uptrend. The scale on the side is $0.50 increments so let's keep the 'move' in perspective. However, the break above $35 broke through a two-year ceiling.  Power Financial (POW.TO) made a similar move to Great-West Life. We can see on the Relative Strength in Read More 

The Canadian Technician

Forestry Stocks Surge As Sector Rotation Gets Active

by Greg Schnell

I have posted my Canadian Technician Market Review for the Canadian market. You can click the play button to start the video or use the link below this to open a new browser window. The Canadian Technician Live with Greg Schnell 2017-02-21 from StockCharts.com on Vimeo. Here is a look at how the Canadian market performed on a relative basis from the February lows of 2016. So one year later, the market has been in a trend almost straight up with very little corrective activity.  I spent a significant portion Read More 

The Canadian Technician

Canadian Energy Stocks Try To Bounce

by Greg Schnell

The energy sector has had a rough ride since December 8th. The decline in the energy stocks has been going on for two months. Even some of the best performers last year are down around 20-25%. On the Commodities Countdown webinar 2017-02-09, I discussed how to monitor stocks in the energy group for improvements. This is starting to show up. I like to go back and review old chart annotations and last night I came across an interesting chart on $WTIC. The date on this chart was 2014-06-03. Funny enough, it was within days of the final high before oil collapsed. Look how closely it picked Read More 

The Canadian Technician

$TSX Breaks Out To New All Time Highs

by Greg Schnell

Today, the Toronto Stock Exchange broke out to new all time highs. New All Time Highs are bullish! There has been a recent 2-day thrust up from the energy stocks and if that can continue, we should see this previous high in the rear view mirror. While the breakout to new highs is bullish, this is also an area to watch and make sure that the market gets through. Back in 2015 we stalled around the previous highs before a big slide into 2016. Consider it a line in the sand that we are testing and pushing through. It is important to watch for supportive price action. Read More 

The Canadian Technician

Someone Is Lighting Up Marijuana Stocks (WEED.TO)

by Greg Schnell

Recently one of Canada's Marijuana related companies changed their ticker symbol to WEED.TO and since then the stock has started to trade a little better. The company's previous ticker was CGC.TO for Canopy Growth Corporation. Here is the chart. The company changed the ticker symbol 5 days ago. Marijuana is the new party stock. Discussed at every house party, discussed at every bar, this is sure to bring in millenial investors. For technical traders, it's a ticker symbol to invest in while it's rising not falling. Currently, the breakout looks good Read More 

The Canadian Technician

Important Lessons On The RSI Help Us With The Dollar

by Greg Schnell

The Canadian Dollar ($CDW) has been in a downtrend for a long time. Deep on the Canadian wish list is a stronger dollar so that things Canadians import from the US would finally get more reasonable. Looking in on the chart for the Canadian Dollar, we see a break on the chart. However, the chart of the Dollar has a couple of clues on it that makes this breakout more likely to hold unlike the one in July 2014.  Constance Brown did some great work on analyzing the RSI. Here is a link to the book I read, which had a great chapter directed to Read More 

The Canadian Technician

Industrial Metals Lead The Pack -Webinar Skim 2017-01-24

by Greg Schnell

The industrial metals stocks have ratcheted their way to the top of the SCTR rankings. They appear to be continuing to accelerate. The Capped Materials ETF (XMA.TO) in Canada broke out to 3-month highs Tuesday. The Relative Strength Ratio in purple is just about at 3-month highs as well. The MACD has surged into positive territory after spending 4 months below the zero line. This group has room to run and this chart has some resistance 10% higher than this level. The Gold stocks continue to work higher, begrudgingly it would seem. They seem to Read More 

The Canadian Technician

Canadian Exploration Companies Current Rankings - Ouch!

by Greg Schnell

The Canadian Oil and Gas Exploration stocks have fallen off the luster list. With only 17 of them above 75% (top Quartile) on the SCTR ranking, it is pretty dismal. This list only looks at TSX listings, above $1. This list is sorted based on the StockCharts Technical Ranking (SCTR) which ranks a stocks price movement compared to everything on the $TSX over the last 200 trading days. A stock with an SCTR of 80% is performing better than 80% of the stocks in the $TSX. I have also set the % Change indicator to one month. As you can see, even though oil is Read More 

The Canadian Technician

$TSX Continues To Drift Back From The Highs - StockCharts Ratio Charts

by Greg Schnell

Two weeks ago, the $TSX made a big push up to new 52 week highs. The intraday high was 15621. The candles around the high have some interesting traits that should be noted as this might mark a more meaningful top for the next few weeks or months. The market surged above the previous levels of 15400 shown with a red line. The original breakout day saw the $TSX close near the highs of the candle. The final high candle I am referring to has an orange arrow next to it. We can see it pushed higher and closed in the middle of the range which is perfectly normal. The next day, the Read More 

The Canadian Technician

Energy Stocks Pop, Drop, Fizzle, Fizz - Webinar Skim 2017-01-10

by Greg Schnell

The Canadian Energy ETF ( XEG.TO) made one month lows this week with oil just slightly off the highs. Some of the big leaders have started to pull back as well. Seven Generations Energy (VII.TO) is a great example. Some of Canada's other sectors are at critical junctures. The Income Trusts and the REIT's are both checking resistance at the 200 DMA from the bottom side. Failure to get through is a big deal here. Here is the Income Trust Index ($RTCM). Notice the May 2015 test of the 200 DMA from the underside Read More 

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