Intraday Market Thoughts

Archived IMT (2010.07.09)

by Ashraf Laidi
Jul 9, 2010 12:47

STELLAR CANADIAN JOBS REPORT as June unemployment unexpectedly drops to a 14-month low of 7.9% from 8.1%, with the payrolls rocketing by 93K from 24K vs forecasts of 15K. OUR FOLLOWERS ON TWITTER were told of the 1.0340 target (61.8% retracement) in the event of a robust report. Over the past week, weve lauded the Canadian dollar based on its favourable fundamentals and favourable treatment for foreign investors (compared to the US). Downside risk from a double-dip in the US remains an evident red flag, but in the meantime, CAD should be among the top performers in each and every round or risk bounce. EURCAD EYES 1.2980. GBPCAD eyes 1.5560. Twitter followers were warned of falling GBP after negative trade figures and PPI, calling for $1.5130 prelim target. FOLLOW US ON TWITTER


Latest IMTs