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Thursday saw the USD/CAD accelerate to the downside as we have suggested after the Wednesday trading session. The fact that we have broken the bottom of the downtrend channel, suggest that perhaps the downward momentum is about to start picking up again and that in fact is what we are starting to see.
The 0.99 handle is now within reach, and we think that there will be a reaction to that level, but it should only be minor in support. In fact, we are more than willing to sell rallies at this point in time as we believe this market will reach the 0.97 level before too long.