Tight coiling action in the Canadian highlights a lack of dominating views toward the currency. It would appear that the global economic picture is improving and that should increase the eventual prospect that the recent lows in the Canadian are significant lows. However, residual strength in the US Dollar, fears of a June US rate hike and ongoing weakness in oil prices remain limiting forces hanging over the top of the Canadian Dollar. A pattern of higher spike lows in the Canadian over the last 2 months suggests solid support in the Canadian is seen this week down at 79.16.
