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<SEC-DOCUMENT>0000897069-08-000272.txt : 20080213
<SEC-HEADER>0000897069-08-000272.hdr.sgml : 20080213
<ACCEPTANCE-DATETIME>20080213151336
ACCESSION NUMBER:		0000897069-08-000272
CONFORMED SUBMISSION TYPE:	FWP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20080213
DATE AS OF CHANGE:		20080213

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CURRENCYSHARES CANADIAN DOLLAR TRUST
		CENTRAL INDEX KEY:			0001353612
		STANDARD INDUSTRIAL CLASSIFICATION:	MISCELLANEOUS BUSINESS CREDIT INSTITUTION [6159]
		IRS NUMBER:				000000000

	FILING VALUES:
		FORM TYPE:		FWP
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	333-132363
		FILM NUMBER:		08604107

	BUSINESS ADDRESS:	
		STREET 1:		C/O RYDEX INVESTMENTS, ATTN: TIM MEYER
		STREET 2:		9601 BLACKWELL ROAD, SUITE 500
		CITY:			ROCKVILLE
		STATE:			MD
		ZIP:			20850
		BUSINESS PHONE:		301-296-5129

	MAIL ADDRESS:	
		STREET 1:		C/O RYDEX INVESTMENTS, ATTN: TIM MEYER
		STREET 2:		9601 BLACKWELL ROAD, SUITE 500
		CITY:			ROCKVILLE
		STATE:			MD
		ZIP:			20850

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CURRENCYSHARES CANADIAN DOLLAR TRUST
		CENTRAL INDEX KEY:			0001353612
		STANDARD INDUSTRIAL CLASSIFICATION:	MISCELLANEOUS BUSINESS CREDIT INSTITUTION [6159]
		IRS NUMBER:				000000000

	FILING VALUES:
		FORM TYPE:		FWP

	BUSINESS ADDRESS:	
		STREET 1:		C/O RYDEX INVESTMENTS, ATTN: TIM MEYER
		STREET 2:		9601 BLACKWELL ROAD, SUITE 500
		CITY:			ROCKVILLE
		STATE:			MD
		ZIP:			20850
		BUSINESS PHONE:		301-296-5129

	MAIL ADDRESS:	
		STREET 1:		C/O RYDEX INVESTMENTS, ATTN: TIM MEYER
		STREET 2:		9601 BLACKWELL ROAD, SUITE 500
		CITY:			ROCKVILLE
		STATE:			MD
		ZIP:			20850
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<DESCRIPTION>FREE WRITING PROSPECTUS
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<P ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Filed Pursuant to Rule
433  <BR>Registration No.: 333-132363  </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The CurrencyShares<SUP>SM</SUP>
Canadian Dollar Trust has filed a registration statement (including a prospectus) with the
SEC for the offering to which this communication relates. Before you invest, you should
read the prospectus in that registration statement and other documents the issuer has
filed with the SEC for more complete information about the issuer and this offering. You
may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov.
Alternatively, the issuer and any offering participant will arrange to send you the
prospectus if you request it by calling toll-free 1-800-820-0888. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The following article   was posted on the BusinessWeek website on February 11, 2008. As of that date, it was accessible for free on the
internet by visiting: <U>http://www.businessweek.com/investor/content/feb2008/pi2008029_018751.htm</U>
 </FONT></P>

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<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=3>Smarter Ways to Make
Currency Plays </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>You don&#146;t have to be George
Soros: New ETFs and other instruments allow smaller investors to participate in the
movements of the dollar, euro, and yen. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Left-TNR" FSL="Project" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>by <U>David Bogoslaw</U> </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Currencies? Aren&#146;t they just for
the big-money, no-fear types like George Soros&#151;or the institutional players with
powerful computer models at their disposal? </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Not exactly. While in the past,
investments linked to movements in the currencies of the world&#146;s leading economies
have been viewed as too risky or too complicated for smaller investors, fund companies are
starting to offer exchange-traded funds (ETFs) and other vehicles that make currency plays
available to the little guy at affordable prices. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>These new products come at an
interesting time; investing in foreign currencies is a much trickier proposition than it
was just a couple of months ago. The dollar has lately been showing some strength against
the euro and other selected currencies, buoyed by successive rate cuts by the Federal
Reserve and speculation an economic recovery may be speedier in the U.S. than in Europe. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Indeed, currency vehicles have been
introduced and are grabbing greater attention at a time when the U.S. dollar has been
trading at record lows against currencies including the euro, and they are likely to
continue to attract interest from investors who are more and more concerned with reducing
their exposure to U.S. equities and Treasury bonds. </FONT></P>

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<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Long-Term Considerations </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Rydex Investments now offers eight
CurrencyShare ETFs, structured as grantor trusts that hold the underlying currency and
gain or lose value based on exchange rates and any overnight interest that accrues. The
CurrencyShares Euro Trust (<B><U>FXE</U></B>) was rolled out just over two years
ago and now has just under $1 billion in assets under management. The CurrencyShares
Japanese Yen Trust (<B><U>FXY</U></B>), whose shares each represent about 10,000
yen has grown much more rapidly. The yen trust already has more than $1 billion in assets
under management and marks its first anniversary later this month. </FONT></P>





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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#147;We think this is timely.
We&#146;ve had a lot of success with [these ETFs],&#148; says David Reilly, director of
portfolio strategy at Rydex. &#147;With the dollar being kind of in the spotlight, this
has been one of the few vehicles investors can go to, to introduce currency exposure into
their portfolios&#148; and is desirable for its low volatility and low portfolio
correlation characteristics. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The creators of these products for
the most part say they are more motivated by long-term goals of helping investors more
effectively structure their portfolios rather than short-term trends in the currencies
markets. Even E*Trade Financial (<B><U>ETFC</U></B>), which markets to online
investors and widely launched its multicurrency global trading platform with access to six
markets last July, says it&#146;s positioning itself for what it sees as longer-term
portfolio shifts to international markets. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#147;People tend to think of foreign
exchange and currencies as highly volatile, very short-term in nature, and an arena for
the very sophisticated sort of trader,&#148; says Reilly. &#147;We saw the opposite. When
you look at them over time, they tend to be relatively low return, with low volatility,
more like fixed income than equities.&#148; </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>That, plus the realization that
retail investors had no efficient way to get exposure to currencies if they had a
particular view on them, convinced Rydex to create the CurrencyShare ETFs. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold-TNR" FSL="Project" -->
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ETNs vs. ETFs </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>An alternative way to invest in
foreign currencies is through the iPath products offered by Barclays. These
exchange-traded notes (ETNs) track the value of specific currencies and are treated as
debt, which you can either hold 30 years until maturity or redeem at some earlier point.
ETNs may be less attractive as the result of a December ruling by the Internal Revenue
Service that said all single-currency instruments such as ETNs should be taxed as debt,
and that gains from both interest income and currency appreciation will be taxed at
regular income rates of up to 35% instead of being taxed as capital gains, at a maximum
15% rate. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The fact that international markets
have outperformed domestic ones for the past few years has made it easier to market these
currency products, says Carmine D&#146;Avino, a certified financial planner at Pinnacle
Associates in New York. He says he doesn&#146;t feel comfortable with the iPath products
and cites the credit risk investors take with an unsecured promissory note, even though
Barclays looks as though it will be around for the next 30 years. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Pinnacle Associates manages roughly
$5 billion in client assets through ETFs and invests about 30% of its assets in tactical,
typically shorter-term holdings that tend to be more opportunistic. Over the past two
years, the firm has been in and out of currency positions, exclusively in an ETF
environment, says Associate Portfolio Manager Carmine D&#146;Avino. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Throughout 2007, D&#146;Avino saw
opportunities in &#147;going long&#148; currency&#151;betting certain ones would rise in
value, primarily the euro and the yen. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#147;We looked to the yen as a play
on increasing risk aversion,&#148; he says. &#147;If risk aversion would increase, we
thought we&#146;d see an unwinding of the carry trade, and that would increase
demand&#148; for the yen as people who had borrowed yen tried to replace what they had
borrowed. (Under the carry trade, investors borrow yen at very low interest rates and use
the proceeds to invest in higher-yielding vehicles like U.S. Treasuries, pocketing the
difference in yields between the two.) </FONT></P>



<!-- MARKER FORMAT-SHEET="Head Major Left Bold-TNR" FSL="Project" -->
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The Dollar&#146;s Rally? </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>But D&#146;Avino suspects the upward
momentum in the euro has reached a limit, especially now that European central banks are
weighing rate cuts to shore up their slowing economies. Jean-Claude Trichet, president of
the European Central Bank, has so far insisted the inflation risk is too great to consider
cutting rates, but most economists think it&#146;s only a matter of time before he
acknowledges the region&#146;s economy needs a shot in the arm. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The Fed&#146;s rate cuts thus far in
2008, which totaled 1.25%, are likely to spur economic growth in the U.S. That, plus
greater odds of lower interbank rates in Europe this year, may prompt investors to shift
to U.S.-denominated investments or the dollar, D&#146;Avino says. &#147;When
everyone&#146;s talking about something&#151;like the strength in the euro&#151;a lot of
the thought process, a lot of momentum, is already priced in,&#148; he says. &#147;You
want to be looking at the other side of that trade.&#148; </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Given the U.S.&#145;s high current
account deficit and the unlikelihood that the U.S. will be able to attract the huge
capital inflows of recent years until problems in the credit markets have shaken out, it
will be hard for the dollar to mount a substantial rally from here, says Robert Kowit,
senior portfolio manager in the Global Fixed Income Group at Federated Investors in
Pittsburgh. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>However, &#147;the mix of currencies
against which the dollar will decline might change,&#148; he concedes. The Canadian dollar
and the British pound, which were very strong in 2007, could easily weaken this year,
Kowit says. Meanwhile, the Chinese yuan could rally, in view of the slackening of massive
Chinese reserves being used to buy U.S. debt and pressure being put on the Chinese to let
the yuan appreciate vs. the greenback. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold-TNR" FSL="Project" -->
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Avoiding Vulnerability </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>If the recent Fed rate cuts have
helped the dollar put in a bottom, how can investors avoid getting caught holding foreign
currencies that might be vulnerable to the buck&#146;s rise, and beyond that, take
advantage of the dollar&#146;s upside prospects? </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Reilly at Rydex recommends either
shifting into the Rydex Strengthening Dollar 2x Strategy H (<U>RYSBX</U>), which provides
200% exposure to the U.S. Dollar Index through leveraged bets, or shorting the
CurrencyShare ETFs. &#147;That would be easier to do in a CurrencyShare ETF because
it&#146;s very liquid and the market is huge,&#148; he said. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>But selling something you don&#146;t
own, which is what short-selling involves, goes against the way most American investors
think, says Mark Chandler, chief currency strategist at Brown Brothers Harriman. Most of
the currency ETFs have been successful because they were launched during a bull market,
but it&#146;s not clear how they will do in a bear market, he says. If the value of the
euro and yen begin falling, he wonders whether volume and interest in the corresponding
ETFs would dry up. </FONT></P>




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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>That&#146;s why Chandler prefers the
currency basket concept that Deutsche Bank (<U>DB</U>) offers in the currency funds it
markets through PowerShares Capital Management. &#147;Deutsche Bank&#146;s basket allows
people to buy [the fund] regardless of your view, without going short anything,&#148; he
says. </FONT></P>

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<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The Longs and Shorts of
It </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Rather than picking a direction for
any one currency, the PowerShares DB G10 Currency Harvest ETF, launched by Deutsche Bank
in September, 2006, trades on the view that historically, currencies with higher interest
rates outperform those with lower rates. (The G10 is a group of the 10 major
industrialized countries&#151;Belgium, Canada, France, Germany, Italy, Japan, the
Netherlands, Sweden, Britain, and the U.S.) Essentially, the ETF incorporates a carry
trade by going long the futures of the three currencies with the highest interest rates
and going short those with the lowest rates. Those rates are reviewed every quarter, and
the longs and shorts are reallocated if necessary. The fund seeks to track the Deutsche
Bank G10 Currency Future Harvest Index. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Kevin Rich, chief executive of DB
Commodity Services, which manages the currencies ETF, notes that the volatility of the
Harvest index is typically about half the volatility of the S&amp;P 500 index. &#147;You
would think currencies would be riskier, but the carry trade tends to be less risky
historically. We&#146;re not talking about developing markets or emerging markets.&#148; </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>There are other ways for investors to
get access to currencies in emerging markets such as China and Brazil that are expected to
do well this year. But the volatility and risk from political or other noneconomic events
are much higher in those currencies, says Rich. &#147;That&#146;s why we stick with the
G10 currencies.&#148; Rich says he doesn&#146;t think there&#146;s anything special about
the Currency Harvest ETF that makes it especially suited for the current time.
&#147;Historically, having part of your portfolio allocated to carry [trades] has proven
to be a prudent thing,&#148; he says. &#147;In negative and positive equities [markets],
carry has been a pretty steady performer.&#148; </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold-TNR" FSL="Project" -->
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>What Are the Odds? </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Ultimately, the best way to look at
currencies may be as one of several asset classes to deploy over the long term, such as
stocks and bonds. The people who have fared best over longer periods view currency
exposure in the context of asset allocation of their entire portfolio, says Kowit at
Federated. Instead of using just the euro as a proxy, they will use something like the
Federal Reserve&#146;s trade-weighted index of major trading partners, a basket of major
currencies that trade against the dollar and have extremely good liquidity and depth, he
says. These currencies include the yen, the British pound, the Canadian and Australian
dollars, the euro, the Swiss franc, and the Swedish krona. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#147;In the short term, your odds
are better going to Atlantic City and plunking your money down on 27 red&#148; on the
roulette wheel rather than picking a single currency to bet on, Kowit says. &#147;There
are some of the smartest, most sophisticated guys in the world who live this market
literally 24 hours a day, and they&#146;re able to make money at it, but it&#146;s not
colossal amounts of money.&#148; </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>So it may be best to abandon the
jet-set fantasies and instead consider currencies one more useful tool in a
well-diversified portfolio. With the choices now available, smaller investors can find a
number of ways to make smart currency plays. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><I>Bogoslaw is a reporter for
BusinessWeek&#146;s Investing Channel. </I></FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Project" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Copyright 2000-2008 by The
McGraw-Hill Companies, Inc. All rights reserved. </FONT></P>






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