While higher gold and crude oil prices might lend some support to the Canadian to start the new trading week, big picture fundamentals favor the bear tilt. In addition to ultra-strong US payroll data, the Canadian bulls have to be discouraged by slack Chinese commodity import data, renewed fears of a European debacle off Greece and lastly because of ongoing hardline talk from Russia regarding the situation in the Ukraine. Initial downside targeting and support is seen at 79.36 and even lower support and targeting is seen down at 79.03.
