Intraday Market Thoughts

Archived IMT (2009.10.13)

by Ashraf Laidi
Oct 13, 2009 13:42

Canadian dollar's jobs-driven surge is extended on the back of the 4th consecutive daily gain in oil prices, as US crude breaks above $74.00, calling into focus the major resistance of $75.41200 week moving average. USDCAD extends its losses to 21% year-to-date, hitting a 14-month low of 1.0270. Technically, there is little support before 1.0240 (the highs from Feb-Jul 08). FX markets should expect to hear interventionist remarks from the Bank of Canada, which did include the currency factor as a source of difficulty in its last policy announcement. EURUSD hit a 14-month high at $1.4875, a close at which would pave the way for 1.4880. The US earnings factor is added into the mix, with IBM due after the US closing bell.


Latest IMTs