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Canadian Dollar Technical Outlook
Thursday, 04 June 2009 14:43:36 GMT  |  Jamie Saettele, Senior Currency Strategist
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US Dollar / Canadian Dollar
06-03-09-Techs-07

The speed of the decline from 1.1820 and the RSI extreme make it likely that the decline is a 3rd wave.  I wrote yesterday to “favor a corrective rally to the 1.1180-1.1300 zone (Fibonacci and structural) before a drop to a new low to complete wave v of C.”  There is potential Elliott channel resistance just above current price.  Only a rally above 1.1475 would suggest to me that a bottom is in place.

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