Sluggish crude oil prices are keeping the Canadian firmly in a downtrend this morning as the market is still coming to terms with last week’s surprising BOC rate cut. Given the US Dollar’s underlying strength, the Canadian looks to be headed below the 80.00 level early this week. There looks to be decent support around the 79.60 level, but the Canadian needs to see stronger risk appetites in order to put the brakes on this current downdraft.
