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Canadian Dollar Technical Outlook

Monday, 30 June 2008 14:15:15 GMT

Written by Jamie Saettele, Technical Currency Analyst

This is a close up view of wave E.

There is the possibility that the wave E decline is complete at 1.0047 but E waves are usually deeper.  As such, it is probable that we see a drop next week that ends closer to 1.00.  There are Fibo levels at 1.0010 and .9926.  Look for a bottom and reversal near these levels.  This outlook is intact as long as price is above .9818.

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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