Archived IMT (2009.09.22)

The lower highs prevailing in daily USDCAD suggest the downtrend remains firmly in place, a break of which is only viable by means of a notable equity correction and an effective breakdown in oil out of its 2-week long wedge. Todays oil price action would call for further upside in the event of a close above the 71.85 TL resistance. Nonetheless, USDCAD 3-hr chart shows more assurance for the bulls, but a break of 1.0745-50 is needed before re-considering +1.0920 again. GBPUSD remains capped at $1.64 TL resistance from Sep 11 high.