Part of the recovery in the Canadian is the result of lack of alternative currencies. Even theDollar’s luster is reduced by recent slack data, the use of Special Forces in Iraq and by expectations of a rise inUS claims later this morning. Some might also be putting value back in the Canadian off expectations of animprovement in Canadian jobs on the Friday morning revision. We can’t argue against near term upside move inthe Canadian but the dismal outlook for commodities might leave the Canadian overbought once it returns tolevels above 92.00.
