Intraday Market Thoughts

Archived IMT (2010.07.07)

by Ashraf Laidi
Jul 7, 2010 16:10

USDCAD EYES ANOTHER ATTEMPT towards the 1.0470 support tested yesterday, as equities extend higher in a data-less US session. S&P500 bulls are eyeing the previous key support of 1042, now a acting as an interim resistance, a break of which will most aptly reward CAD and GBP against USD and not against JPY. AUD traders sitting tight ahead of Thursdays June JOBS FIGURES-- due 1:30 GM--(see calendar, which are seen softer than May figures, but with a steady unemployment rate of 5.2%. ALTHOUGH Wednesdays Wall St. failed to sustain its intraday 1.7% gains, todays internals may suggest a more optimistic conclusion for the session, in which case 1.0470, 1.2670 and 1.5240 may prove more durable in USDCAD, EURUSD and GBPUSD respectively.


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