Archived IMT (2009.11.12)

CAD IS WEAKEST performer amid major FX, partly amid prolonged declines in oil. Considering the rapid momentum in oil shorts, markets could well probe the interim target of $77.60s. EIA weekly inventory report due 16:00 GMT, expected to show an increase of 1 million barrels of crude oil and an increase of 700K barrels in gasoline. USDCAD tests Nov 8 trend line resistance at 1.0530, which will be decided after the EIA report. Bullish follow-up requires a break of 1.0590. GBPUSD seen capped at 1.6610. US Weekly claims fall to 502K--lowest since 1st week of Jan. CADJPY still capped at 86.20.