The Canadian has short covered but we are not sure that the overall global economic situation has improved enough yet to suggest a major low is in place and consistent gains are expected in the Canadian. Calling a bottom in the Canadian is like calling a major low in oil prices, with the two markets taking their direction from very big picture macro-economic views. From a short term speculative perspective, the bull camp needs a close above a down-trend channel resistance line up at 80.53 but a real breakout doesn’t take place until a rise above 80.90.
