The Canadian seems to have run out of near term upside momentum. While the overallmacro economic outlook has improved slightly over the last 36 hours, that improvement was largely the result ofhope that the PBOC might provide some fresh stimulus and not because of a tempering of Russian fears and orfrom improved US data flows. In short, Canadian bulls need some positive economic progression to suggest thatthe Canadian is too cheap. To turn the technical picture in favor of the bull camp, might require a rise back abovea consolidation low zone of 89.38.
