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Editor's Note: Below is a chart and brief excerpt from this morning's Early Look written by Hedgeye Director of Research Daryl Jones. Click here if you'd like more information on how you can subscribe.

CHART OF THE DAY: A Middle Finger Salute North of the Border - zzz COD 10.20.15 chart

"For those of you not familiar with Canadian political history, the "Trudeau salute" was a middle-fingered gesture former Canadian Prime Minister Pierre Trudeau gave to protestors in Western Canada in the early 1980s.  To Western Canadians at the time, it was symbolic of years of policy that undermined their commodity laden economies. 

...it is difficult to see in the short run how Trudeau will have a positive impact on the Canadian dollar or economy.   In part, of course, the Canadian dollar has front run this and is down about 11% over the last year, but with a deficit that is likely to expand, the floor has probably not been established for the Loonie.