Archived IMT (2009.03.13)
CAD drops across the board after Canada's employment drops by 83K (vs. expected -80K) while the unemployment rate jumped to 7.7% from 7.2%, well above the expected 7.4%. I warned in yesterdays IMT against prolonged CAD declines based on worse than expected report, especially as the lag between the US slowdown and the economic damage in Canada continues. Although we could see prolonged declines in the USD vs EUR, GBP, AUD and NOK, the Canadian dollar may struggle ahead, thus, fuelling USDCAD towards 1.2950-1.3000. As long as global equities rally ahead for another 8-10%, this could help CAD offset any declines vs USD, until the next turnaround in equities accelerates USDCAD past the 1.30s. GBPUSD and EURUSD remain on uptrend targeting $1.4130 and $1.3070.
Latest IMTs
-
Of Gold Extensions مقياس إمتدادات الذهب
by Ashraf Laidi | Apr 15, 2024 16:38
-
Bitcoin performance & Miners Prehalving
by Ashraf Laidi | Apr 9, 2024 17:07
-
English Translation to Arabic Interview
by Ashraf Laidi | Apr 7, 2024 21:01
-
فشل الفدرالي في إقناع الأسواق
by Ashraf Laidi | Apr 6, 2024 14:17
-
Typical Errors on Gold, Silver, USD
by Ashraf Laidi | Apr 1, 2024 16:14