Archived IMT (2009.10.22)
Bank of Canada Governor Carney expresses more concern with the strong loonie when he said persistent currency strength remains the major downside risk and that FX intervention is always an option. But any knee-jerk selling in CAD was quickly reversed when Carney reminded that the central banks main target was inflation and not the currency. Today's stronger than expected retail sales from Canada did boost the loonie but we expect renewed retest of the 1.05 and 1.0560s as the oil rally is seen fading at $82.00. USDJPY still capped at that 91.70 resistance, with downside target seen at 91.20, 90.70.
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