Oil and gold are falling heavily, dragging USD/CAD to 1,07851 and Aud to key 0.9100 support respectively; U.S. data come under expectations U.S. index should open to the downside. All of this is pointing for further dollar strength if could be call so; pay attention to commodity currencies!

Monday holiday, majors remain in range while U.S. futures are strongly up, supporting dollar and yen falls. However, commodity currencies are leading the way, as the AUD/USD has reach a fresh yearly high at 0.8575 and continues tending higher despite over bought in smaller time frames, as gold quotes at $ 995.00/oz, close to the historical high of $ 1030. Above mentioned high, pair has resistances at 0.8600, and 0.8640; supports in case of some corrective movement lie at 0.8530 and then 0.8500.

USD/CAD also remain pretty bearish after breaching key support level now resistance at 1.0770, and continues bearish despite over sold in smaller time frames: next supports lie at 1.0720, 1.0700 and finally the 1.0675 area. Resistances today will come at 1.0770 1.0800 and 1.0840.

I always said, commodities currencies tend to gave as clues of dollar movements against European majors, and today is no exception: AUD/USD is above 0.8400, barely 70 pips of the yearly high, and of course, bullish; USD/CAD is falling strong after breaking key support at 1.0770; finally NZD/USD is forming a triple daily roof around 0.6885: if we move higher, dollar will remain under strong pressure.

With gold quoting above $975/oz. and crude barrel above $ 65.00 no surprise commodity currencies continue pushing higher. Australian dollar quotes against greenback at 0.7980 with a first resistance at the 0.8000 zone. Clear break above will send the pair close to 0.8100 with an intermediate resistance at 0.8045. If continues rising, key longer term level lies at 0.83~. Supports,to consider are 0.7940 and 0.7902.

Canadian dollar reached a several months high against greenback at 1.1000, and the pair continues pushing lower. Break under than level, could trigger more bearish momentum in the pair despite daily over sold conditions, with midterm target at 1.0800 zone. Immediate supports lie at 1.0955 and 1.0910. Resistances on the other hand are at 1.1038 and 1.1092.