Intraday Market Thoughts

Archived IMT (2010.05.18)

by Ashraf Laidi
May 18, 2010 14:40

LOONIE REBOUNDS on a combination of stabilization in global equities and the first increase in oil prices in 5 days. USDCAD breaks below 1.03, looking for declines to as low as 1.0240. Yet, markets cannot ignore the 25% slide in oil prices, which have lifted USDCAD support from parity to 1.0170. Immediate resistance stands at 1.0330 trend line from the May 6 high, a break of which eyes 1.0430. CADJPY garners fresh gains past the 90.20s, facing the trend line resistance at 91.60.


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