Intraday Market Thoughts

Archived IMT (2009.08.06)

by Ashraf Laidi
Aug 6, 2009 1:43

STILL NEGATIVE ON CAD. Those interventionist remarks by Canadian Finance Minister Flaherty hinting that steps could be taken to stem the currencys strengthening continue to weigh on CAD, as seen in USDCADs regaining 1.0740s and CADJPY slipping topping out at 89. The USDCAD chart shows still held at the 1.0690 trend line, and is now looking to regain the 50% retracement at 1.0780. Oils rebound today in the face of declining stocks and higher than expected oil inventories notably to prop the heavy CAD. And with USDJPY under increasingly negative pressure, CADJPY remains clearly toppish as yesterday's chart showed and remained valid 24 hrs later.


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