Intraday Market Thoughts

Archived IMT (2009.03.05)

by Ashraf Laidi
Mar 5, 2009 17:10

Reiterating the points made on GOLD and CAD, with the precious metal eyeing a renewed rally after proving its ability to hold within the upward channel with key support at $890. Yesterdays Intraday Market thought stated $905 was well within the existing uptrend. Today gold is at $927. CAD persists in its strong positive correlation with equities. USDCAD dropped back to 1.2725 on equities bounce, but today the pair is back up at 1.29 as global stocks resume their damage. Worse than exp US jobs figures (8.0% unemp rate, 650K job losses) may once again prove USD positive, CAD negative. CADJPY may extend to as low as 75 in the event of fresh equity damage.


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