Well, we always watch these gaps and price action is trying to fill it as we see today. The next key levels below are $76 and $73. This decline in the price of Crude Oil has negatively affected the CAD against its major counterparties. But, CAD is not the weakest currency. The NZD has been declining for a few weeks now and the JPY is almost as weak as the NZD. The difference this week will be the Interest Rate Decision Friday as the new Bank of Japan governor takes over. We also have GDP figures from the US, Europe and Canada this week which will give investors and traders good information on economic recovery. The strongest currency is the CHF so we might want to look for counter-trend price action after the news events in Canada and Japan this week, to take advantage of the strong trends. We see the major US Indices like the NASDAQ slowing down a bit. Tomorrow we will take a look at these from the technical side to anticipate the opportunity to “Buy the Dip”.
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