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Canadian Dollar Technical Outlook
Tuesday, 15 July 2008 14:32:54 GMT  |  Jamie Saettele, Technical Currency Strategist
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Our USDCAD bullish bias was proved wrong as 1.0047 failed to hold.

This means that wave E is still underway but is probable close to an end.  E waves (as we’ve written here often) are usually sharp and the decline has accelerated.  In fact, do not be surprised to see a test of the lower triangle line near .99 before the USDCAD turns up.  We’ll look to identify the bottom late this week or next week.

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