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Canadian Dollar Technical Outlook

Thursday, 26 June 2008 15:14:05 GMT

Written by Jamie Saettele, Technical Currency Analyst

There is no change to the USDCAD triangle scenario.

A triangle is unfolding.  Expect wave E of the triangle to end below 1.00.  This decline will present a high reward/risk opportunity against .9818.  A breakout in larger wave C towards 1.05/08 is expected to follow completion of the triangle.

STRATEGY: Bullish, against .9818, target above 1.0324 (but a test of 1.00 is probable in wave E of the triangle)

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