FX Bottom-Line: CAD’s commodity status is fading as the US credit crisis deepens. In its place, USD is emerging as the main driver of CAD/crosses as CAD’s North American status trumps all other considerations. This is not unchartered territory, but reflects a familiar relationship associated with US recessions. The USD roller-coaster ride is continuing and ‘clever money” is often caught wrong-footed, but as long as the US uncertainties linger CAD/crosses will take their primary direction from broadbased USD changes.
Crude oil rallied toward US$110/bl earlier this week. NOK obliged and followed oil higher to outperform its G10 peers. CAD, however, lingered [...]
Entries Tagged as 'CAD Crosses'
CAD’s commodity status is fading as the US credit crisis deepens
September 26th, 2008 · No Comments
Tags: CAD Crosses
CAD Crosses – Short-Term Outlook
March 28th, 2008 · No Comments
EUR/CAD: Double Bottom at 1.5997
The formation of a double bottom at 1.5997 has lent support to the bullish outlook for the cross. This level is expected to attract continued buying interest - with an hourly close above nearby resistance at 1.6090 confirming the bullish implications of this pattern, targeting 1.6148 and 1.6183. Place stops below 1.5935 on an hourly closing basis.
GBP/CAD: Stop Loss Hit Below 2.0334 – But Staying Bullish
The overnight selloff in GBP/CAD has just triggered the stop loss below 2.0334. However, with the hourly studies reaching oversold levels, bullish view is retaining. Support at 2.0281 and a triple bottom at [...]
Tags: CAD Crosses
