Intraday Market Thoughts

Archived IMT (2010.05.28)

by Ashraf Laidi
May 28, 2010 3:26

YEN WEAKER THAN USD as stocks extend their bounce, but care must be paid as Dow-30 and SP500 approach their 200-day MAs (see previous IMT). As we argued yesterday, CAD is seen as the PREFERRED RISK CURRENCY ahead of next weeks expected rate hike from the Bank of Canada. Techs & Funds suggest more CADJPY gains towards preliminary target of 87.70s after breaking the May 13 trendline resistance. This is backed by improving techs in USDJPY (in process of breaking May 5 trendline) and deteriorating USDCAD which broke May 13 TL support now eyeing 1.0410.


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