Intraday Market Thoughts
Archived IMT (2010.01.12)
by
Jan 12, 2010 15:04
LOONIE PULLBACK Broad losses for the Canadian dollar after the trade figures unexpectedly returned to deficit in Nov at -C$0.3 bln from +C$0.4 bln. USDCAD faces 5-week trend line resistance at 1.0420, a break of which is necessary for a clawback towards 1.0465-70. CADJPY extends losses below 88 after failing at 90.1038% retracement of the fall from the 124.90 high in Nov 2007 to the 68.38 low of Jan 2009. Combining the capped weekly chart with a potential VIX bounce, CADJPY is vulnerable to 86.36 in the short-term.
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