Archived IMT (2009.08.13)

Despite the emerging volatility in USDCAD, the pair remains well supported at the Aug 4 trend line support of 1.0795, while facing interim resistance at the TL resistance of 1.09. Appetite-friendly growth figures from France and Germany have underpinned any retreat in oil prices, lending indirect support for CAD. But with equities unable to regain earlier highs and USDX support firmly in place in 78.15-20, We stick with our bullish USDCAD call for a retest of 1.1120 and 1.130.