The down trend channel in the Canadian is well defined and seemingly entrenched. Fear of more declines in key Canadian commodities, residual strength in the US Dollar and news that the PBOC left policy unchanged, leaves the Canadian vulnerable to even more declines. Down trend channel resistance in the March Canadian falls down to 83.73 by this Friday and without a definitive shift back to a risk-on mentality, the trend is expected to remain down in the Canadian.
