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Canadian Dollar Technical Outlook

Thursday, 08 May 2008 14:23:01 GMT

Written by Jamie Saettele, Technical Currency Analyst

The USDCAD has frustrated us to no end lately.

The drop below 1.0037 had negated our bullish bias but we were then looking for a drop into the area surrounding .9950 (61.8% fibo).  The USDCAD decided to take off higher without visiting .9950, which leaves us flat.  Longer term, we remain bulls due to the 5 wave advance from .9710 to 1.0324.  Look for support near 1.0075.

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