Intraday Market Thoughts
Archived IMT (2009.05.12)
May 12, 2009 14:53
$1.3740 remains an elusive target for the EURUSD as it marks 38% retracement of the decline from the $1.6030 record high to the $1.2380 low. Euro needs extra help from equities to target that level, after which comes in the $1.3855. Cables upward bias may strengthen as traders viewed todays UK data as a possible motive to drive GBPUSD towards its 200-day MA, currently $1.56. Stronger than expected Canadian trade figures dragged USDCAD towards 1.1540 but the impact of falling stocks on CAD prevails. Interim support holds at 1.1570, paving way for initial target at 1.1670 and 1.1720.
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