Archived IMT (2009.05.14)

Dollar strength joining yen strength in drawing risk aversion trades as GBPUSD breaks below $1.5070. CAD is well past its moment in the sun and is set for further damage, with USDCAD targeting goal at 1.1850, followed by 1.1910, which is the 200-day MA. The sell-oil story remains a fundamental driver as technicals show gradual signs of a breakdown, eyeing $54.66 as the next key target. Yen retains strength across the board and a break of 95 in USDJPY is viable, especially in the event of a considerable rebound in US jobless claims (12:30 GMT/13:30 London time) above 601K.