The Canadian continues to be the whipping post of the currency markets. Significant declines in oil, metals and other commodity prices, combined with the direct negative correlation of the US Dollar have punished the Canadian excessively lower. However, to call for a bottom in the Canadian is calling an end to negative global economic sentiment and that remains a long shot prospect for now. On the other hand, soft US scheduled data and a more dovish US Fed could ultimately result in a bottoming in the Canadian, but it ispremature to predict that today.
