Archived IMT (2010.09.14)
The 0.4% rise in US retail sales coupled with the 0.6% recovery in core sales leads to a muted reaction in risk appetite, but FX traders are capitalizing via long CAD due to positive internal CAD dynamics and positive spillover from any US figures (see below for more CAD). Last Friday's IMT mentioned 1.0250 im USDCAD, which has been hit today. Further downside seen stabilzing near 1.0238--76% retracement of the gains from the 1.0105 low to the 1.0668 high. Buyers on the dip may start emerging at 1.0230-20 likely running into 1.0320 as the new barrier.
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