USDCAD CADJPY S&P500
The remarkable strengthening in the positive correlation between the Canadian dollar and equities shows no retreat. While the S&P500 faces no major technical barriers as far as moving averages except for the 200-day MA (stands as far as 965), both USDCAD and CADJPY are testing their own 200-day MAs. Interestingly though, the last time CADJPY was below its 200-day MA was in January 2008, compared to June 2008 for USDCAD. This means that CADs rise vs. USD has been more rapid than that against JPY, which reflects the weak performance of USDJPY. The chart below illustrates CAD vs USD (not USDCAD) to highlight the strong correlation with equities. Most strikingly, is that S&P500, CADJPY and USDCAD, each topped out within 5 days of each other in Oct-Nov 2007.
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Ashraf
Whats your opinion on AUDJPN
Thanks
Jim, depends how fast we get that 10-15% decline in stocks. if relatively fast, then we could see 1.23-1.24 in USDCAD, but not so pessimistic for AUDUSD ( i see no less than 70 cents on 15% drop in stocks). Also watch the RBA decision tomorrow. no rate cut would be great for Aussie. still a long term buy (so wait for next retreat and get some).
Taha, these current levels are a good way to start selling cable. 1.4970-1.5030.
Ashraf
I would like to know IS it time to sell or buy Gbp vs Usd ? .
Taha
what do you see as possible targets for USD/CAD,NOK,AUD? Also is your call for JPY at 80 still alive?
Thank You
2. Looks like the bulls have complete control & therefore I was wondering whether there is a deflecting point when USDGBP stops trending up with the S&P?
Thanks
Chris, also keep an eye on the wage negotiations with South African gold miners' union and the price of gold.
Gary, I may go to Toronto this summer for seminars at our office there.
Ashraf
when is CAnada gonna start complaining about canadian dollar becoming too strongg?
and will you go to Canada for more seminars?
G
Any thoughts?