Canadian Dollar Technical Outlook

Published March 12th, 2008 - 04:56 GMT
Al Bawaba
Al Bawaba



We maintain a bearish bias against 1.0197.  It is possible that a top is in at .9981 but a push through there would expose the 61.8% and 78.6% Fibo levels at 1.0011 and 1.0093 and not negate the larger bearish count.  Preferably though, the price drop accelerates now and the USDCAD comes under .9710 while .9981 remains intact.           

 

STRATEGY:    Bearish, against 1.0197, target TBD