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Canadian Dollar Technical Outlook
Monday, 27 July 2009 14:28:49 GMT  |  Jamie Saettele, Senior Currency Strategist
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The entire rally from 1.0782 has now been retraced.  Additional weakness is expected over the next several weeks in order to complete the decline from 1.1730 and by extension the entire decline from 1.3068.  1.0588 is the next level of potential support (Fibonacci).  Near term, the USDCAD may stage a rally back to 1.1115 as short term momentum indicators are divergent with the latest lows.

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