Archived IMT (2009.04.03)

US payrolls will likely show renewed pick up in rate of declines after stabilization in recent months (-681K in Dec, -655K in Jan and -650K in Feb). Check out today's Hot-Chart on USDJPY. CAD has picked up ground in the past 2 sessions but these gains are attributed to the $4 rally in oil than any improved fundamentals for Canada. If US jobs report bears negatively on risk appetite then we could see CAD lead the losers against USD and JPY. Interim USDCAD target stands at 1.2520.