Without even looking at the Canadian charts this morning it was clear that nearly all nondollar instruments were set to come under fresh pressure. While the 85.00 level might offer some modest support, a return toward the 2009-2008 Canadian exchange rate levels might be in the cards, especially if oil prices continue to slide and a global deflationary vibe becomes a widespread conviction. Next downside targeting from the weekly charts in the Canadian is 84.54.
