The Canadian seems to be defying economic gravity as an extension of gains on thecharts appears to be coming despite a lack of economic sentiment toward Canada. Perhaps the Canadian wasforced lower off fears of a slower global recovery over the prior two months and that in turn left the Canadianundervalued relative to over valued Pound and Dollar instruments. Strong energy and metals prices anddeveloping weakness in the Dollar is probably adding into the technical short covering in the Canadian, but wearen’t convinced that the Canadian is poised to see fresh outright buying off a major bottoming argument.
