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Canadian Dollar Technical Outlook

Wednesday, 22 July 2009 14:18:38 GMT | Jamie Saettele, Senior Currency Strategist

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The extent of the rally from 1.0782 almost assures that the entire decline from 1.3068 is complete. Additionally, the rally from 1.0782 unfolded as an impulse and the 5 wave decline from 1.1730 may be wave C of an expanded flat. Even if the larger trend remains down, then the USDCAD should correct a portion of the decline from 1.1730.

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