Intraday Market Thoughts

Archived IMT (2008.09.23)

by Ashraf Laidi
Sep 23, 2008 6:07

CADJPY ANALYSIS: Reposting my insights from the Comments Section on CADJPY. Based on further gains in oil, I would not jump on this trade due to the increased possibility of a BANK OF CANADA RATE CUT at the October 21 meeting. With the US economy increasingly strained, North of the Border is struggling across the board with the exception of oil driven Alberta. Yes, they did have a few stronger than expected job reports, but combining risk aversion, yen strength and US weakness, CAD may be in for some hard times. WEELY CADJPY TECHNICALS look technically toppish, with gains limited at 103, but ample downside room towards 100 and 99.30. WILLIAMS % R looks BEARISH both in Daily and Weekly.


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