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Despite another day of stronger.......>

DOLLAR-CANADA: Despite another day of stronger commodities (Brent trades higher
by just shy of 1%), CAD is weaker against most others with the exception of
other commodity-linked currencies (namely, AUD). Given the 1.3% drop in USD/CAD
since the beginning of the week this may not have proved surprising, despite
USD/CAD running into resistance ahead of the 200DMA (C$1.2630). CAD is beginning
to recover, but support may be found on a drop into the C$1.2580's, marking both
the Apr10 low as well as the 61.8% fib retracement level for the
C$1.2251-$1.3125 move at C$1.2585.
MNI London Bureau | +44 203-865-3809 |
MNI London Bureau | +44 203-865-3809 |

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