General Overview The macro backdrop is creating some selling of the Canadian dollar. A strong robust
conomy, should create selling opportunities of the USD/CAD.
Trading Advice Sell USD/CAD at 1.0575, and place a stop above at 1.0630. Take profit at 1.0450.
EUR/USD
Trepidation related to the stress test announcement lead the Euro lower against the dollar. The
Euro has moved to support and should grind higher.
USD/JPY
The dollar retraced some of yesterday’s gains after Ben Bernanke releases a statement to congress
with regard to the Feds future actions to help the US economy. Markets did not hear enough
specifics and risk aversion return assisting the Yen.
GOLD
Gold continues to consolidate forming a toppy pattern as investors reflect on deflation in the US.
Gold is a short below 1160.
Oil
Oil prices slipped on a worse than expected inventory report that showed a build in inventory as
opposed to an expected draw. Oil will consolidate and then begin to grind higher toward $80.
