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Canadian Dollar Technical Outlook
Wednesday, 01 July 2009 14:17:45 GMT  |  Jamie Saettele, Senior Currency Strategist
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I wrote yesterday about the USDCAD that “the implications are bullish over the next several months (and beyond) but bearish over the next several weeks.  Under this count, a 5th wave would complete the rally from 1.0782 and give way to a multi week and potentially deep correction of the rally from 1.0782.”  After reaching 1.1660, the USDCAD reversed and the aforementioned correction is underway.  Fibonacci support is the 1.1100-1.1200 zone.

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