Thanks to the rising U.S. Bond yields, a number of major FX pairs have recently reversed their trends. The USD/CAD has so far resisted the U.S.

The U.S. dollar/Canadian dollar (USD/CAD) currency pair, which tends to move inversely with oil prices, has finally broken out above the key 1.2900/20 resistance zone after spending several days in a tight consolidation range.
Risk on, risk off. That has been the dominant theme across the markets in recent weeks and at the start of this week traders have switched it back on.

DAX recovered slowly from Feb 09 lows, but still in five waves, labeled as a leading diagonal.

Crude oil prices fell sharply after the publication of the latest oil inventories from the EIA earlier today.

At the time of this writing, the U.S. dollar was still down against most major currencies.

The Bank of Canada is highly unlikely to raise interest rates at the conclusion of its policy meeting on Wednesday.


Although GBP/USD increased a bit recently, the resistance area created by the mid-October highs continues to keep gains in check. What’s next for the exchange rate?

Earlier today, the euro extended losses against the greenback, which resulted in a breakdown below the lower border of the trend channel.

On the daily chart of the U.S.