Positive Canadian manufacturing data in March reinforces the idea that the Canadian was”too cheap” into the March lows! However, to justify an upside breakout, of a 3 month old consolidation range,probably requires improved global economic sentiment, positive vibes toward China and or renewed strength inenergy and metals prices. In the near term, the June Canadian might be capable of climbing back above the91.00 level, but a significant upside breakout might be difficult, because of the potential strength in the Dollar intothe Friday US payroll results.
