We get a plethora of announcements during the course of the session on Wednesday, including an interest-rate decision coming out of Ottawa. The Canadian central bank is an expected to raise rates, but obviously in a statement will have a massive effect on the markets. We also get Crude Will Inventory numbers coming out of the United States, which will put the petroleum markets squarely in focus. We also get several other mid-level announcements that could have effects on the US stock market.

DAX

The DAX had a fairly strong day during the session on Tuesday, as we continue to bang up against pretty significant resistance above. If we can get above the €10,800 level, at that point in time the call buyers will become very encouraged. Pullbacks should offer value that the market continues to enjoy.

Gold

Gold markets tried to rally during the day on Tuesday, but struggled a bit near the 2060 handle. This is a market that continues to grind sideways and looks to be forming some type of base. The 1240 level below is massively supportive, so this point in time it appears of the call buyers are willing to get involved on short-term pullbacks.

USD/CAD

The USD/CAD pair fell slightly during the course of the day on Tuesday, but did bounce a bit to form a bit of a hammer. At this point in time, looks as if we are simply waiting to see what the Canadian central bank is going to do, but a break above the 1.32 level would of course bring in more call buying as we would continue the uptrend that we have been in for some time. A break down below the 1.30 level would be rather negative and could encourage put buying.