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Since December, despite a parabolic move in fossil fuels (priced in U.S. dollars), the Canadian dollar has not followed along for the ride.
Financials do not fare well late in credit cycles as the yield curve moves to zero and then inverts. Canadian financials halved in the 2001-02 and 2007-09 bear markets and tumbled 27% in the 15-day plunge in March 2020.
Financials and the TSX Index remain heavily overbought, concentrated and overvalued in this environment. Buy and holders be warned.