In my daily analysis of the euro against the Canadian dollar, it's obvious that the euro has made a major breakout as we slice through the 1.50 level and just took off straight up in the air.

After four months, the dollar index again fell below the 103.00 level.

Since January, the U.S. debt pile has expanded by $1 trillion alone, moving the debt-to-GDP ratio to 98%. By 2032, the International Monetary Fund projects that this ratio could surpass 140% under current policies.

Another historically reliable indicator of recessions is weakness in the corporate credit markets.

Until 8:30 Friday morning, the consensus firmed believed in Goldilocks. July’s weaker-than-expected jobs report quickly changed this into heightened odds of a recession.

The selling that roiled global markets late last week looks set to continue on Monday.