Part of the rally in the Canadian off last week’s lows was the result of a distinct deterioration in the outlook for the US economy and part of the recent gains have been the result of a notedupward revision in Canadian jobs results. Another element serving to boost the Canadian is the lack ofalternatives and perhaps the realization that a Canadian exchange rate of 91.00 is cheap considering the issuesfacing the Euro zone and the apparently sluggish economy in the US. A temporary rise above 92.00 is possiblebut longs might consider banking profits on a rally to 92.18.
