On Tuesday, we receive GDP numbers coming out of Canada, the European Union, and France. We also receive employment figures coming out of Germany, and current account numbers coming out of Spain. Because of all of this, expect quite a bit of volatility during the day and the potential for several trading opportunities.
Gold
Gold markets found call buying during the Monday session after the very tempting hammer that formed on Friday. Because of this action, it looks as if the call buyers are trying to push towards the highs again, but will have to deal with the $1200 level between here and there.
CAC
The Parisian index fell during the session on Monday, but has a significant amount of support down at the 4750 level. Because of this, and the fact that we get French numbers during the day, any signs of support could bring in quite a bit of call buying.
USD/CAD
The US dollar tried to rally against the Canadian dollar on Monday, but was turned around almost immediately. With the very bearish looking candle in the Canadian GDP numbers coming out, it’s possible that we see a move. It looks as if the market is trying to reach the 1.30 level, which is massive support. Alternately, a break above the top of the range for the day on Monday could be a very bullish sign indeed.
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