Another lower low probe on the charts, leaves the bear camp in the Canadian supremelyconfident, even though the Canadian has become significantly oversold from a technical perspective. However,open interest has started to rise since the Canadian fell below 92.00 and that might suggest a value zone of sorts.On the other hand, the last Canadian jobs report knocked the prospect of a near term bottom out of place andresidual weakness in metals and energy prices simply adds to the downward bias. We doubt the Canadian will beable to avoid at least a temporary retest of the 90.00 level in the weeks ahead.
