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Canadian Dollar Technical Outlook

Tuesday, 06 May 2008 14:41:53 GMT

Written by Jamie Saettele, Technical Currency Analyst

We remain USDCAD bulls (notice that we omitted aggressive though) as advances since the .9055 low are in 5 waves and declines are in 3 waves.

Near term, price should remain above 1.0037 and we will not even think about an objective until the pair has exceeded 1.0324.  Coming under 1.0037 would cause us to reassess the situation.

STRATEGY: Bullish, against 1.0037, target above 1.0324

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