Attached is a daily chart of March Canadian Dollar. We
maintain a bullish bias throughout recent consolidation.
The story about Germany's repatriation of gold should definitely be viewed as a "safe
haven" story as banks are becoming less confident in fiat currencies. Although the initial reaction is negative on
all,
non-dollar currencies, we believe that further analysis
will seperate good currencies from bad.
Canadian Dollar is a
good currency by comparison. We will remain long until
market
settles below 101.00. We will increase bullish bias on a
move above 101.60 with an objective of 102.15.
Good trading,
Jim