Greetings once again, Everyone!

As expected, The Bank of Canada held Rates at 0.25% in which the future Forecast to keep this Level through the middle of 2010 is a somewhat surprising consideration in terms of looking that “Far into The Future” for a Central Bank Entity.

We are quite accustomed in our present Climate to see Policy Views and Shifts simply going from Meeting to Meeting…although Canada’s emphasis on maintaining its 2% Target Inflation Rate is “In Line” with this type of rhetoric.

Our Thoughts on the concern of the Canadian Dollar strength were emphasized as expected,  as The Statement shed light on “The higher Canadian Dollar significantly moderating the pace of overall growth”.

Crude Oil certainly took advantage of this Momentum in its Correlation with The Loonie, while certainly having its own Appreciation lately due to positive Equities Correlations moving forward.

Let’s check in with both Units and observe the Price Appreciation, so give The Captures a Click for reference.

Post-Time is about 30 Minutes after The NYSE Open at 14:00 GMT… where The Dow is bidding up in positive territory a bit over 44 Points.

Here I have the new September Futures Crude Contract, which again, will vary slightly with the Continuous Contract on The NYMEX… where we see an IntraDay High so far of about $66.65 and a new “Transitive Rollover” Area right at the $66.00 Handle.

A deeper Correction… which is probable in my personal View…may simply take us back into the Consolidating Range of $64.20’s to the $66.00 Handle with the Conclusion of Bernanke’s Testimony here.

His emphasis will place Rhetoric on Macro-Economic Growth remaining in Contraction Mode which will give the Dollar and Yen a little boost of “Corrective Steam”, if you will.

The Strength of The Loonie here reaching the 1.0960’s but not being able to sustain the Level as Price moves back to the massive 1.1000 Handle… is precisely the Sentiment the BoC is after.

Corrections may also be due here with the Bernanke Testimony Rhetoric, as well as the Crude and even Gold Corrective Sentiment that looks to be on the way… although a Retracement of this “Wick” surely is possible through to the 1.0930’s Dynamic Support Areas as well.

As always on such an interesting Day, I will have more Updates for you as we move along!

The Curiosity of the potential Dollar and Yen Corrections against the backdrop of strong Equity Earnings will be a unique InterPlay to see concerning general Correlations between all of these Units!

Please join me soon!

Greetings Everyone, and Welcome to Tuesday!

We turn our attention to the Bank of Canada and the Overnight Call Rate Decision at 13:00 GMT.

While the BoC deals with much of the same Sentiment and Information as most other Global Central Banks, Quantitative Easing really is not in the picture as long as The Canadian Dollar Itself looks to Correction.

The recent Strength of The Loonie looks to its conventional “Inverse” Correlation with Crude Oil, although this may become worrisome for the BoC, as they may simply “Jawbone” The Loonie lower which will provide clear Impetus for The USD/CAD Unit to rally.

Even without any Impetus or Macro-Factors involved… Price worked the Daily Bear Flag here with extreme accuracy as we spent the last several Sessions retracing price for a potential “Re-Test” of the 1.0700 Lows.

The BoC may simply not let this take place, and may implement a “Verbal Intervention” before Price moves with additional Canadian Dollar Strength.

We can see a Correlation here with Price beginning to actually “Slow” and consolidate a bit… with the Canadian Dollar’s Appreciation of about 2.56% in the last Month, as opposed to only about 0.67% in the last Day as we reach some “Basing” at the 1.1000 Handle of Static Support.

Here is The Daily View, so give it a Click for various Levels of Reference.

Post-Time is 00:40 GMT.

The Hourly View gives us a Clear View of the Accumulation that led to Consolidation over the past several days…. with some Wedge/Symmetrical Triangle Formations.

The “Fractal” Nature of the Price Action is surely “leaning” to more Depreciation in The Unit in terms of Directionality… but The BoC could certainly step in here with a Surprise ( although their .25% Level now is about as low as they can go…), or Verbal Rhetoric.

Well…so far so good with my Internet Connections here in the Desert Heat… so please join me right around 6:30 GMT for the European “Currency Majors Technical Perspective” Report, as we look into some Immediate-Term Detail with The Four Majors!

I hope to see you all then!

Greetings again, Everyone!

We certainly have some Volatility to work with on an IntraDay Basis, with plenty of “Market Noise” and Breaks moving forward.

Perhaps Crude and Gold are the finest Illustrations of this Price Behavior so far, as Clean Breaks have seen Momentum, due perhaps, indirectly to falling Treasuries and a relatively “Flat” Dow and S&P 500 as of this Writing.

Here are the Hourly Views, so give them a Click, as always, for various Levels of Reference.

Post-Time is 15:10 GMT.

Gold looks to a new “Transitive Rollover” of Support and Resistance as Price is “caught” in a $5.00 Range after emerging from the Congestion Zone Upleg from the $912.00 Area. Price will need to see a Clear Momentum-Break of the $940’s to continue on with the overall Hourly Uptrend… otherwise a Retracement of Price to the $920’s is certainly feasible here.

Crude is quite similar in Behavior, with an even “cleaner” Break of the Congestion Area. A potential Hourly Bull Flag is in development here, with “Full Completion” coming in above the $65.00 Handle…. although this may be in the Distant Future as Price may simply begin to consolidate at the “new” Transitive Rollover Area of the $63.30’s.

We look to some “Quieting” of Price Action as the Day moved on into The Weekend, so be Mindful of Institutional Re-Positioning moving forward as “Covering” will surely be a Factor here.

As always, I will be back with you for more Updates, so please join me soon!

Greetings again, Everyone!

I could not help myself with the humorous Title here… surely The Risk Averse Monster of The Yen we spoke of in last night’s Post is still In Play as we come to The NYSE Close where The Dow and S&P close in last-minute Positive Territory.

We have many Factors to account for here, as the 6-Week Highs of Yen Movement is involved in the overall Fear dropping Supply coupled with dropping Demand in The EIA/API Oil Inventory Data Points today…. not to mention of course…The MASSIVE Concerns about Oversight and Regulations being discussed on Speculation Caps on Finite Commodity Products.

In addition, the  Deep Global Uncertainty is still with us as questions of a 2nd Stimulus Package are on The table… the still-with-us Nigerian Concerns for Crude Oil “Regularity”, FX Concerns not on the Table again at the G-8, and perhaps most importantly in The Near-Term… The Equity Market Correlations with Currencies firmly Intact.

Let’s take a look at Crude and Gold to gives us some Insight of Today’s Risk-Averse Activity, so here are The Hourly Views for Various Levels.

These Units technically are pretty Self-Explanatory… as even slight Corrections are needed in my personal View.

Post-Time is right at The Closing Bell @ 20:00 GMT.

Crude hovers around the $60 Handle as our L.R. Channel is still “anchoring” Price… despite the  massive Depletion here of even Neutral Sentiment.

Price needs to attempt to maintain the Level, otherwise a Breach to The $55 Static Support may certainly be In Sight.

The “Uni-Directionality” of Price tells us two things here: Bearish Sentiment is deeply strong ( obviously), but most importantly dependent on your personal Trading Perspective… This type of “Directionality” will not sustain Itself indefinitely…so in these case, we will often see the same “Building of Energy” set up just as strong of a Reversal in Price.

Gold in in a similar situation where it is exacerbating the Depreciation in Crude while contributing to Dollar and Yen Strength, of course, as we revert back to a “Safe-Haven” sentiment here.

A Classic Bear Flag/Pennant of Accumulation is evident here… and a Full Completion “sees” The $880’s which is certainly probable considering Dollar Strength. A Breach of The Flag sees  regaining Dynamic Support @ the $912 Area with Fib Variant Confluence from the April Daily Upleg, and of course… The “Congestion” Zone of Consolidation  may continue to attract Price.

Now… I have one of my usual “Rhetorical” Questions for you…

Was The Yen Surge today a big shock and suprise?… Crude Oil?… Gold?… The Queen and The Euro?…

We will discuss  these Events further for tomorrow’s “Big Blog” Post in a few hours, as well as so please join me then!

Greetings again, Everyone!

Gold and Crude Oil continue to hold their “Inverse” Correlations with the Low-Yielders, as The Risk-Averse “Brothers” of The Dollar and Yen continue on.

While Accumulation is being Seen, Gold and the August Crude Futures Contract now see rather “tight” Ranges in Price this “late” in the Trading Day.

Most Majors have picked up  some clear Bounces off of Support and Resistance Levels, as Dollar and Yen have giving up some gains ever-so-slightly… but Gold and Crude still appear ready for continued Depreciation out of their IntraDay Areas.

Here are the Hourly Captures of both for various Levels, and Post-Time is 21:15 GMT.

Gold gets “trapped” in a “Loose Wedge Flag” Formation here… as well as the approximately $6.00 Horizontal Range. Price needs a Clip of the $927.80’s for even a bit of “Neutrality”… or a Breach of the $920’s for further Depreciation which looks to be in the Immediate-Term Favor.

Crude is perhaps the more “Clear” Depreciator of The Commodities, where we are currently at a Six-Week Low… as it is certainly Out of Favor on an IntraDay View.

Dollar Strength continues to “whittle away” at Price, where a defined L.R. Channel has been anchoring Price for several days now.

So there we are for now!… and we will see what the U.S. Close brings us as The Dow is rather “Flat” as of this Writing.

Please join me again, as always and I hope to see you soon!

Greetings once again, Everyone!

The USD/CAD and Crude Oil work through a rather “active” Day… considering the somewhat-”Tepid” movements of most Majors across The Markets.

Crude rallies back on an IntraDay View as The Loonie Pair follows suit in “normal” Inverse Correlation.

Here are The Hourly Views, so give them a Click for Levels.

Commentary is above, as always and Post-Time is 14:40 GMT.

Price clears our Ascending Triangle Formation on The Loonie, despite the slight Dollar Correction earlier… and Crude Oil now looks to Clip the $71.00 Handle of Static Resistance.

Continuation sees the $71.30’s, which will also bode well for the Canadian Dollar in the Immediate-Term.

Bearish Sentiment will not be seen with any real Significance unless the $66.50’s are Clearly Breached to the Downside.

The Loonie comes off of what may see as a Head and Shoulders Formation that so far has “failed” on the 4-Hour View.

In any case, a Breach of the Uptrend Line here sees the “Would-Be Neckline” Support @ the 1.1450’s/20’s Area… irregardless if you “accept” The Pattern or not.

Continuation of the Dollar-Reversal to Weakness sees the “Basing” Areas of the 1.1300/1.1280’s in the Near-Term.

As always, please join me for more Updates as we move along!

I hope to See Everyone Soon!

Greetings again, Everyone!

With another Nigerian Attack, Crude Oil holds on to Its Bullish Sentiment from Asian-Pacific Bourse Strength, as we all underlying Euro Strength and Gold Sentiment as well. The EU Futures a bidding up as we head into The Open… with the EUR/USD now finding new Support at the 1.4000 handle in Confluence with the 23.6% Fib Variant April Upleg.

Here are The Captures with Commentary above, so give them a Click as always.

Post-Time is 6:40 GMT.

Price reaches the Dynamic Support “Transitive Rollover” from the new 1.4000 Handle-Support on The Fiber, as another “Re-Test” and Breach of the Area will see Appreciation towards the 1.4130’s Daily Static Resistance in the Near-Term.

A Downside-Clip sees rather “shallow” Correction in the Immediate-Term to the Magenta-Dynamic Support Level at the 1.3980’s 5-Hour Consolidation Area.

Crude Clips our Hourly Ascending Triangle Formation, where Contact with the 72.70’s Daily Static Resistance is not out of the question here in the Near-Term.

Also clipping the “loose” Ascending Triangle Formation here, Gold Price looks towards the $960’s Static Resistance Area in the near-Term if Appreciation continues with correlating Dollar IntraDay Weakness.

Immediate-Term Detail can be seen with the just-published  “Currency Majors Technical Perspective” Report, and I will have several more Updates for you as we move throughout our Final Trading Day of the Week!

Please Join Me Again Soon!

Greetings once again, Everyone!

We check in with Crude Oil and The Loonie, as their “Inverse” Correlation is “Unwound” as we move ahead.

Here are The Captures for Levels of Reference, so give them a Click… Post-Time is 16:25 GMT.

Crude looks to Clip the $70.30’s Dynamic Resistance Area, as Price “anchors” along the Bullish Trendline as It works through an Ascending Triangle Formation.

A Clip brings the $72.00 Handle into View…while Rejection sees a Violation of The Triangle and a visit to the $66.50’s Support.

The Loonie follows a similar Ascending Triangle Formation… when an “expected’ Correlation would be Canadian Dollar Strength moving towards the 1.1400 Handle of Support by this point… relatively speaking.

Price may simply continue to remain “Unwound”, as The Lonnie Accumulates here from the 1.1520’s “Transitive Rollover” Area.

As always… please join me again in this somewhat “Tepid” Day… as we may see some Covering soon after Big Ben escapes “The Electric Chair” on The Hill… with those Genius Financial Luminaries that we call Congress.

We see solid Crude Strength… and at the same time… Solid Dollar Strength in the USD/CAD Unit.

 Greetings again, Everyone!

Crude Inventories come off a bit  down more than expected @ 3.8M, while Gasoline Builds rose by 3.9 M Barrels and Distillates also gained 2.1M Barrels. Refinery Utilization rises 1.2% to 87.1, as our Crude August Futures Contract remains with minimal Reaction and locked in Its IntraDay Range.

The BoE is concerned overall with a “longer-than-considered” Expansion Policy as well as a Concern for “Inflationary Pressures”.

Interest Rate Considerations out of The Bank of England will only be accommodated on rising CPI, as well as a Conflict with Oil Appreciation being a Factor in CPI in the first place.

 We check in with a slightly weaker Crude Contract, as well as The Queen looking for Daylight towards the 1.6600 Handle once again.

Commentary is above, so give The Captures a Click for Levels… Post-Time is 15:30 GMT.

Crude looks to maintain the tight Range Price is “anchored” in now between the $66.50’s and the $69.50’s on the IntraDay View. A Clip of the Resistance here sees a New “Transitive Rollover” being built as Resistance@ $69.50 noe becomes Support.

Maintenance of the Area sees additional Appreciation to $70-73 Resistance in the near-Term if Sentiment continues along with the Correlation to Dollar Weakness.

The Queen is still caught in a very Clear Daily range, as we are at The “Mean” of the Area, and need some “Outliers” in Price to work with on this Time-Cycle.

The Hourly provides more Specific Clarity, in that we see the 1.6480’s now providing a “Bounce” from Dynamic Support. Clearance will see a Continuation through the 1.6600 Handle… especially if The FOMC Rhetoric is largely “In -Line” with Expectation of Rhetoric and some Dovish Sentiment.

As we move along… NOW  we expect the “Quiet Muted” Consolidative Activity to really be clearly seen moving into FMOC Territory in less than 3 Hours.

While I personally do not expect  any “true” Importance out of the Interest Rate Equation… The Key will be all Rhetoric and Plans for either Maintaining, Expanding, or Contracting the Quantitative Easing Aspects.

We will see minimal Reaction if we hear the “Same” Rhetoric of Interest Rates remaining at current levels, but especially if we hear Q.E. Concerns remaining Stable and Unchanged.

Please join me yet once again for another Update as we see Reaction, check on The Currency Units, as well as The Indices as The Release is “digested”!

I will see all of You hopefully Soon!

Greetings once again, Everyone!

While in the near-Term, we may certainly see more Depreciation in Crude Oil as Bullish Builds wait with Patience… the Loonie is seeing a Clear “Flash Point” at the 38.2% Weekly Fib Variant of the  Long-Term October 2007 Upleg at the 1.1530’s Area.

The Hourly View now sees Price ”resting” on a New “Transitive Rollover” of Resistance-becoming-Support at 1.1520’s/Fibonacci Confluence. RSI reading and Slope here a in the Outliers of Overbought Sentiment, so a Correction finds this Area as our “Crossroads” Idea in the Immediate-Term.

Here is the Hourly View for Levels of Reference, so give The Capture a Click.

Post-Time is 15:45 GMT.

Our new August Crude Oil Futures Contact sees an “expected Correlating Inversion” with Price slipping to the $67.20’s Dynamic Support Area. My ”Crossroads” Idea here for IntraDay Immediate-Term Views is  if we simply see Accumulation beginning to build with some Sideways Behavior… or if we move on through to the Downside towards the $65.20’s and $64.50’s Support-Areas as we continue.

We shall see where The Pendulum Swings”, as they say, on these Two Units moving forward today, and I will return for more Updates as usual!

Please join Me later!