Canadian Dollar Futures (U.S. 89.28 cents)

The Canadian Dollar has now dropped below its 100-Day Moving Average, having failed to penetrate the May/06 high at 91.40 cents. Over the short term a retest of the 200-Day Moving Average, now in the area of 88.05 cents, appears possible.

Once short term downside pressure subsides, I expect another attempt to move above the May/06 high in a healthy intermediate uptrend.