USDCAD Approaches Wedge

by Ashraf Laidi

Feb 24, 2009 15:09

USDCAD has increasingly shown its negative... correlation with equities as the Canadian dollar currency is positively related with the risk appetite. Markets may drop following another shocking US number (US confidence at 25 vs expectations of 35). But with markets unlikely to engage in a hard sell-mode before tonights Obama State-of-the-Union speech, we could expect a relatively robust performance in equities and short-lived declines in USDCAD towards 1.2400, followed by 1.2355. TL support is expected to hold and counter the downturn in stochastics, making way for a testing of the 1.2580 by mid week.

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