After the big range down washout in the wake of the surprise BOC rate cut, a large measure of negative global macro-economic sentiment is factored into the Canadian. As in the Pound, the near term direction of the Canadian is largely dependent on the direction of global equities. In the mean-time one can’t rule out at least a temporary return to long term consolidation low support on the monthly charts, down at 78.55 to 77.04.
