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Canadian Dollar Technical Outlook

Tuesday, 13 May 2008 14:30:47 GMT

Written by Jamie Saettele, Technical Currency Analyst

We maintain a bullish bias against .9997 since the rally from there is in 5 waves.

Due to the 5 wave advance from .9997, it is proper to treat the decline from 1.0241 as a truncation (wave Y).  Very short term, a small 2nd wave (ii) may be complete at 1.0024.  The minimum objective is above 1.0324.

STRATEGY: Bullish, against .9997, target above 1.0324

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