Sunday, March 22, 2009

USD/CAD

USD/CAD] began the Asian session on Fri around the 1.2395/00 level falling to an o/n low of 1.2250 on the...
[USD/CAD] began the Asian session on Fri around the 1.2395/00 level falling to an o/n low of 1.2250 on the back of better than expected Canadian retail sales which came in at +1.9% vs market consensus of +1.0%. A firmer opening in Wall St and commodities also gave the Loonie a prop. However, as Wall St and commodities retreated over the course of the session sending risk appetite on the run, the pair managed to claw back to an o/n high of 1.2450 before finishing a tad softer at 1.2390. Further gains in the Loonie will hinge on whether commodity prices continue to rise and the improvement in risk sentiment continues this week. With no first tier data due this week, the pair's direction will be influence by equity & commodity mkts and US data. Buying orders at 1.2340 by Canadian corps and selling orders at 1.2450 by spec types will keep the range this session.

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