Intraday Market Thoughts

Archived IMT (2009.10.20)

by Ashraf Laidi
Oct 20, 2009 14:13

CAD DROPS ACROSS THE BOARD as the Bank of Canada reiterates its concern with Loonie strength in todays interest rate announcement. USDCAD eyes trend line resistance at 1.0360, a breach of which will retest 1.0430. As long as the right shoulder on 1.0360-65 remains intact, USDCAD bearishness would revisit 1.0280 and 1.0240. Look for CADJPY HEAD &SHOULDER holding at 87.10, before an extended retreat emerges towards 86.10 and 85.70. JPY STRENGTH is being shadowed by USD weakness. GBPUSD breaks out of 1.6430s looking for next resistance at 1.6480--61.8% retracement of the 1.6725-1.5702 move.


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