Intraday Market Thoughts

Archived IMT (2010.11.16)

by Ashraf Laidi
Nov 16, 2010 14:35

CAD PRESSURED across the board after disappointing factory orders and manufacturing sales, pushing USDCAD, EURCAD and most CAD pairs against the loonie. In line with my earlier tweet of long USDCAD at 1.0145, Im looking for a prelim target of 1.0195 before 1.0230 extends with the help of further pullback in equities. Remaining bearish on EURCAD, eyeing 1.3660. ONLY A CLOSE above 1.39 in EURCAD would merit reconsideration of the current downleg. DO NOT FORGET that it was the WEEKLY chart in EURCAD that triggered my bearish call. This is similar to my long parity outlook for USDCHF of 2 weeks ago when it stood at 0.9600, had a temporary decline to 0.9550 before hitting 0.9870, maintaining my focus on 0.9950 and 1.0130. US Oct indus production disappointed by coming unchanged vs expectations of +0.3% following a 0.2% decline. And finally gold adds to losses, falling below $1355, nearing my $1320 target from the latest article--same article which remains bearish EURGBP as long as no break of 0.86.


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