CANADIAN DOLLAR

CAD/JPY TO DECLINE

The CAD/JPY should in all probablity go down. The daily chart above shows that the rise from June 1st seems to have completed an A-B-C correction and should it close below the top of wave A at 78.7000 would allow it to go lower. Our FOREX models show that the CAD is going down against USD but that JPY has the potential to rise aggainst USD...all of which means that the greater downside potentail in the Canadian dollar should be seen against Japanese yen.