Archived IMT (2010.05.18)

LOONIE REBOUNDS on a combination of stabilization in global equities and the first increase in oil prices in 5 days. USDCAD breaks below 1.03, looking for declines to as low as 1.0240. Yet, markets cannot ignore the 25% slide in oil prices, which have lifted USDCAD support from parity to 1.0170. Immediate resistance stands at 1.0330 trend line from the May 6 high, a break of which eyes 1.0430. CADJPY garners fresh gains past the 90.20s, facing the trend line resistance at 91.60.