A fresh new low for the move puts the December Canadian in a position to fail at the October low of 87.69. Apparently the Canadian economy has a heartbeat, with Canadian manufacturing PMIresults reaching back up toward the highest levels in almost a year, but that news doesn’t appear to be enough toturn the ongoing selling tide around in the Canadian Dollar. One might also suggest that a portion of today’sweakness in the Canadian is the result of fresh sharp declines in oil prices and developing weakness in grainprices. Initial support is seen down at 86.98 on the weekly charts and then not until the 84.18 level.
