Intraday Market Thoughts

Archived IMT (2009.02.26)

by Ashraf Laidi
Feb 26, 2009 22:52

USDCAD consolidation persists since November, but range has narrowed to a 5-cent range since January. Considering the trend line support of 1.2360 prevailing since Sep 29, a breach below it would likely be accompanied by a notable bounce in equities near 7,500 on the Dow and 790 on the S&P500. Despite the deteriorating climate for equities and the implications for higher USDCAD, the pair faces increasing resistance at 1.2620.


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