CAD Mid-day Analysis

The problem for the Canadian is a definitively negative overhang of global slowing fears, disappointing data flows from Canada and residual confidence in the US Dollar. Pushed into the market we haveto favor the bear track, as global slowing and risk-off is widespread and looks to expand ahead. The best hope forCanadian bulls is patently negative US claims data, but that news might simply enhance the case against thecommodity currency.