Residual strength in the Dollar off the Fed testimony, ongoing weakness in oil prices and expectations of a rise in a private US home price survey probably results in the March Canadian falling down to 78.71 in the coming 24 hours of trade. For the Canadian to forge a significant bottom and signal a shift away from a well-defined downtrend pattern probably requires a vast improvement in global sentiment. For the time being hawkish Fed dialogue, weak oil and metals prices and residual strength in the Dollar leaves the trend pointing down in the Canadian.
