USDCAD vs S&P500

by Ashraf Laidi

Apr 23, 2009 14:11

The increasingly negative correlation between USDCAD and S&P500 reflects the increasingly positive correlation between the Canadian dollar and equities, as the current represents risk appetite (widely vulnerable to declines in US weakness and oil prices and vice versa). Just we have seen S&P500 topping out at 869, USDCAD bottomed at 1.1980, while the bounce in USDCAD to 1.25 from the BoC rate cut occurred along with

the retreat in equities. Considering expectations for equity indices to consolidate into the next week before pulling back towards 800,we could see USDCAD retest 1.2440 and 1.2550. USDCAD support remains at 1.2270-80, while S&P500 resistance stands at 855 and 870.

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