While we think the Canadian deserved to bounce off its recent lows in the face of the improvement in global sentiment, we are not convinced that the Canadian is destined to soar off its lows. Thick resistance is seen at 80.64 with the biggest influence on the Canadian coming from the economic information flowing from the US. On a return to 79.16, in the face of US summer rate hike talk, we will step into longer term Canadian Dollar bottoming plays.
