With Australian and Chinese stimulus efforts seen this week, at least a temporary recovery in oil prices and improvement in European sentiment, the Canadian Dollar sees some of the weight from the deflationary wet blanket removed. Critical down trend channel resistance in the March Canadian is seen today at 80.59 and the 21 day moving average sits up at 81.80 and therefore to signal a long term bottom probably requires more upside action and in turn a continued improvement in overall global economic sentiment.
