Archived IMT (2010.09.03)
RALLYING LOONIE accumulates gains post-US jobs, amid positive impact on Canadas economy from stabilizing US dynamics, and the rationale based on the fact that Canadas overnight rate remains below 1% and faces higher upside than any of the commodity currencies. USDCAD dropped more than 160 pips to 1.04, which is the trendline support extending from the Aug low. I expect prelim target of 1.0380, which is the proximate overlap between the 100-day MA and the 200-day MA. Subsequent losses seen calling 1.0320 by mid next week, with key support standing at 1.0250. Upside capped at 1.0490.
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