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Sat, Jul 21 2007, 15:44 GMT
by Mihai Nichisoiu

Mihai Nichisoiu

Writing and publishing here my latest notes on the yields' new conundrum and the Japanese Yen, even though thought-provoking, made me feel more like a journalist. Some of the following articles, however, will make the necessary adjustements.

I wrote in my letter to clients of Friday, June 29th, 'I think the USD/CAD is still going to drop to new historical lows. Chance that the recent short-term volatility actually marks a notable inflection point in the pair's larger timeframes is, in my view, extremely small.'

I came to reinforce my USD/CAD bearish views here on FXstreet.com on July 1st, then privately added to those comments on that same day, 'In spite of terrific intraday volatility seen on Friday, I still don't perceive a major inflection point having already occured in the USD/CAD.'

Since June 29th, the US Dollar tumbled versus the Canadian Dollar for approximately 250 pips. I still don't have the perception of a major inflection point in the making in the USD/CAD - although I do estimate, as far as I am concerned, that placing a notable bet in the pair remains just a matter of when, not if.

As anticipated, both the US Dollar and the Japanese Yen went further downward across the board. Since a couple of weeks ago, the GBP/USD surged for about 450 pips, the EUR/USD did for almost 200 pips.

Whereas my recent observations have remained fairly unchanged - for a wide range of financial markets across the board the clock is ticking, which I believe makes the times ahead some of the most interesting in many years.

Published on  Sat, Jul 21 2007, 15:56 GMT