Archived IMT (2009.04.23)

CAD pushes sharply high as the Bank of Canada says it will not yet start quantitative easing despite Tuesdays decision to cut rates to 0.25%. Markets were expecting the BoC to start forms of quant easing (buying private and govt assets) immediately. USDCAD breaks below 1.2270 TL support and could extend towards 1.22 in event of a positive turnaround in stocks.Upside target dragged down to 1.24. CADJPY risks calling up TL resistance at 80.70.