During the day on Wednesday, we get quite a bit of economic news in order to move the markets. The ADP Nonfarm Employment Change number, ISM non-manufacturing PMI, and Crude Oil Inventories will move the markets and have us following these 3 assets:
Gold
Gold markets have had a fairly strong session during the day on Tuesday, so having said that looks very likely that we are going to continue to see call buying pressure as the market continues to show quite a bit of strength. With this, this market looks very healthy.
WTI Crude Oil
The WTI Crude Oil markets tried to rally during the course of the session on Tuesday, but turned around to form a bit of a shooting star. This is a market looks as if it is trying to break down below the $40 level, which of course would be a very negative sign. Rallies at this point in time will more than likely attract put buyers sooner or later, and it looks like we have quite a bit of resistance at the $44 handle above.
USD/CAD
The USD/CAD pair initially fell during the day but did find enough support at the 1.30 level to turn things around and bounce a bit. By doing so, looks as if the market is going to continue to grind its way higher. Ultimately, call buyers seem to be running the show but it is a very volatile and tight market as we continue to see a general grind higher. As oil falls, typically this pair will rise, and that has a lot to do with what we are seeing in this particular Forex pair.
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