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USDCAD Eyes 1.2660s

by Ashraf Laidi
Mar 30, 2009 11:55

USDCAD Eyes 1.2660s - USDCAD Mar 30 (Chart 1)

CAD hastily drops across the board at the first sign of trouble in risk appetite as the broadening sell-off in equities boosts USDCAD past the $1.25. Weve long mentioned the positive correlation involving major equity indices with Aussie and Kiwi pairs. But we also mentioned the relatively high correlation of -0.72 between USDCAD and S&P500 Year-to-Date, suggesting high correlation between CAD and equities. It is too early to expect equities to head back towards March lows at this point, but USDCAD will likely have to re-test 1.25 before calling back 1.2580s and 1.2660s.

 

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