The Canadian Dollar is simply oversold and showing some corrective bounce, as the ever strong US Dollar should be expected to limit near term advances in the Canadian. Longer term down trend channel resistance is seen up at 84.73 and a close above that level could prompt more short covering action next week. However, the risk to fresh longs in the Canadian would seem to be rather high today with US claims and US non-farm payrolls due out over the coming two sessions.
