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New year, new market

Reviewing a good year's trading  is a delight. Reliving great trades and market victories, taking heed of the costs and costly trades. Reviewing a poor year is much more painful as traders confront their human weakness, and in some cases outright recklessness. Whether 2016 was successful or not, it's also time to contemplate the trading universe, potentially identifying new markets to trade.

As if on cue, the Canada 60 is breaking to all-time highs.

It's surprising more Australian traders don't look at the Canadian market. There are many similarities between Canada and Australia. significant agricultural, mining and energy industries. A geographically large nation with vast areas of under populated and physically unforgiving land. Although Canada has a larger population, there is great ethnic diversity in both countries. And the Toronto based market opens around midnight and closes early in the Australian morning, meaning traders have plenty of time to run analysis and place orders (please check the CMC platform for current opening and closing times).

The weekly chart (above) tells the story. After several attempts over the years, Canada's main market index is breaking higher. While it remains above 904.75 the outlook is posirtive from a technical point of view. And the MACD is indicating positive momentum. Some will take this as a signal to play the Canada 60 from the long side, with (initial) stop losses just below 900.

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