Intraday Market Thoughts

Archived IMT (2009.01.21)

by Ashraf Laidi
Jan 21, 2009 12:02

Both USDCAD and CADJPY hit the the levels addressed in yesterdays pre-Bank of Canada note (to CMC Markets clients) at 1.2720 and 70.70 respectively, as rising risk aversion once again proved at the detriment of the loonie. A breach below 800 in the S&P may trigger prolonged CAD losses, calling up 1.2790 and 76.80. More USD and GOLD strength. GOLD regains its 1 1/2 week highs of $862 /oz as funds relocate capital flows from financials to metals. The trend may continue in the event that retail investors chase the prevailing trend via gold, potentially boosting the metal further towards Decembers $890s.


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