Intraday Market Thoughts

Archived IMT (2010.12.15)

by Ashraf Laidi
Dec 15, 2010 18:21

USD MAY BE RALLYING BUT CAD IS FLYING after oil prices hit $88.60 following the biggest weekly draw in EIA crude stocks of 9.85 mln, the biggest drop in 9 years. Despite Euros 130pip slide and cables 200-pip damage, USDCAD slides to parity. FITCH UPGRADE of Canadian Imperial Bank of Commerce (CIBC) outlook to stable from negative on improved profitability and capitalization. EURCAD hits 10-day low at 1.3286 with possible extension to 1.3170s (in line with the current HotChart). USDJPY regains 84.20s after holding well above 55-day of 82.50s (seen in yesterdays videos). EURUSD seen testing $1.3190 before weeks end while GBPUSD SEEN TARGETTING $1.5520 and $1.5280 as seen in this chart


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