Intraday Market Thoughts

Archived IMT (2010.03.30)

by Ashraf Laidi
Mar 30, 2010 9:09

CAD drops against most currencies despite advancing global stocks, while USD and JPY deepen losses for the 2nd consecutive day of the week. USDCAD vulnerable to retesting 1.0130, while EURCAD failed at the 14-day MA of 1.38 before retreating towards $1.3730. Bank of Canada Sr. Deputy Gov Jenkins reiterated yesterday the cenbank had no target for the loonie and that it would be inappropriate to forecast it. BoC continues to mention the dampening effects of the strong CAD in its policy statements but showed no sign of verbal concern. Canadian March jobs report will NOT be published this Friday, but Wednesday will see the release of Jan GDP exp +0.5% from +0. 6%. Due today is Feb industrial product and raw materials price indices at 13:30. NOTE that London time is now 1 hour ahead of GMT.


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