CAD Mid-day Analysis

Like the Pound, the Canadian is deriving some spillover lift from overt weakness in the Yen, Swiss and Euro. However, like the Pound, the Canadian is being restricted by the ever present strength in the Dollar. A critical downtrend channel resistance line is seen at 86.23 but a decline in volume and open interest on this week’s rally would seem to suggest that technical interest was limited on the upside.