Intraday Market Thoughts

Archived IMT (2010.09.10)

by Ashraf Laidi
Sep 10, 2010 12:40

LOONIE EXTENDS FLIGHT after fresh round data strength, this time

from a 35.8K increase in Aug jobs. Although the unemp rate edged up to 8.1% from 8.1%, the rebound in job creation means that Jul was the only month of job losses so far this year. This weeks rate hike (3rd of the year) and the jump in the PMI, has extended USDCAD selloff from last weeks 1.0570s highs to 1.0280s. 1.0250 seen as the next target in focus. EURCAD adds to losses, breaking below 1.32, eyeing June trendline support at 1.3060. Strong import data from China lifted risk appetite in Asia, which means bolstering AUD and weakening JPY across the board. AUDJPY trendline resistance from the June high at 78, remains out of reach for the bulls. Only a close above 78.20-30 would signify a real probability to recapture the 79.30 and 80s.


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