Archived IMT (2009.05.08)

CAD soars across the board after Canada unexpectedly created a net of 36K jobs in April vs expected loss of 50K, while the unemp rate was unchanged at 8%. USDCAD drops to 1.1580 low, eyeing 1.15, 38% retracement of the major upmove from 0.9050 low to the 1.3015. Remain cautious of the expectations element from US jobs report, as a decline of less than 600K and an unemp rate of less than 8.9% would serve to boost risk appetite and further lift EURUSD past the $1.3470 level.