For the upcoming Friday session, there’s very little to worry about as far as economic announcements are concerned. The ones that we are paying attention to come out of Canada, with Retail Sales and CPI numbers taking focus. With this, we believe that the USD/CAD pair might be one of the more active markets, but we should have a very technically driven session.

1 – Looking at the USD/CAD pair, we did fall initially during the session on Thursday, but found enough support to turn things back around to form a hammer. The hammer is a very bullish candlestick, so if we can break above the top of that candle stick, we are willing to buy short-term calls. There is far too much in the way of noise below to buy puts, so we are either buying calls, or simply sitting on the side.

2 – Looking at the German DAX, you can see that we fell initially during the day on Thursday as well, but found enough support at the €10,800 level to turn things back around and form a hammer there as well. We believe that short-term pullbacks will offer call buying opportunities going forward, and we are very bullish of the DAX at the moment.

3 – Gold markets broke out to the upside during the session on Thursday, testing the $1200 level. We believe the pullbacks in this market will be call buying opportunities but you must be patient in order to find value. By being patient and waiting for the market to tell you when gold has gotten “cheap”, it’s time to buy calls as this market could very well go to the $1230 level above.