On Aug futures, oil is trying to break out more firmly from the
symmetrical triangle dating back to March, having pushed slightly past the
downtrend that defined resistance late last week. Weekly resistance is at
$69.30-80 this week, just below next monthly barriers at $70. A bullish Trend
Intensity signal remains in place for oil. Supports are at $67.55-90 on daily
charts, then $67. On a bigger surge, weekly/monthly targets are in the $71-72
area for starters.
USD/CAD: Off Highs as Nymex Crude Hits New Nine-month High
San Francisco, Jun 18.
USD/CAD has dropped back to 1.0720 as Crude shrugs off early weakness with Nymex futures trade to new nine-ninth highs. Despite the pullback, the growing market consensus is for a further push higher in USD/CAD with a move to 1.0850 and even 1.1000 now expounded by some analysts. A fresh wave of rumors has blamed CAD weakness earlier today on GBP/CAD buying for the * Financial-Reuters deal but that cross is now off its highs around 2.1300 at 2.1232.