Not surprisingly, the Canadian is undermined by the risk off Ukraine flap. However, theCanadian might also be partially off balance today because Chinese data continues to be uninspiring. As in manyphysical commodities, the combination of the Ukraine battle, residual weak US weather impacted data and abounce in the US Dollar, seems to leave the path of least resistance pointing downward in the Canadian. Nearterm downside targeting is seen at 89.91 and perhaps even 89.68 if Putin escalates the Ukraine situation insteadof deflating it.
