Intraday Market Thoughts

Archived IMT (2009.07.17)

by Ashraf Laidi
Jul 17, 2009 17:43

Since, June 30, USDCAD's CORRELATION w/ S&P500 soared to -0.83, which is (in absolute terms) higher than any daily correlation b/ween major forex pairs and equities (even higher than Aussie and Kiwi pairs). Loonies oil-fuelled bounce shrugs the mostly flat levels in equities as crude regains $63, attempting to regain 64.0938% retracement from 73.5 high. USDCAD chart shows a consolidation at the 1.1150s, which is the 61.8% retracement of the 6-week rally from the June low. The fact that 1.1150 held up over the last 3 days suggests relevant stabilization, but further testing is awaited next week as equity bulls attempt to maintain their above the key 8,600 and 930 levels.


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