The Canadian is catching a big picture lift in the wake of a weakening in the Dollar. Limiting the upside in the Canadian is fears of renewed weakness in oil prices, slack Canadian purchasing data from January and looming fears of a decent US non-farm payroll result on Friday morning. The bulls might see volume and open interest action on the recent bounce, as supportive, but we aren’t sure that the Canadian can mount anything more than a modest short covering action ahead.
