During the session on Tuesday, we get CB Consumer Confidence numbers, New Home Sales, and a few other lower level types of announcements. Because of this, we believe that a lot of focus will be on the United States.
The USD/CAD pair broke higher during the session on Monday, breaking the top of the hammer from the Friday session. Because of this, it looks as if we’re going to continue the bullish pressure, and call buyers seem to be very attracted to the market going forward, and perhaps trying to push this market towards the 1.35 handle above.
WTI Crude Oil
The WTI Crude Oil market continues to struggle, as we find the $50 level to be far too resistive. Because of this, it looks as if the market is continuing to attract put buying, and because of that the market looks as if every time it rallies, suspicion will overhang the marketplace.
Dow Jones 30
The Dow Jones 30 fell a bit during the session on Monday originally, but there is still plenty of support just below, so it’s likely that when we do fall, call buyers will continue to be attracted to this market as the US stock indices continues to show signs of life. However, keep in mind that it is earnings season, and that can cause volatility.
