During the day on Thursday, the Bank of England will step into the limelight, as we await the interest-rate decision. While not expected to change, the monetary policy summary will of course be interesting as the world will get to see whether or not the Bank of England is going to continue or even expand quantitative easing. At this point in time, we also can look forward to the retail sales numbers coming out of America, as well as unemployment claims.

Gold

Gold initially fell during the day on Wednesday but did find a bit of support. At this point in time, it looks as if the $1300 level is essentially the “floor” in this market, and it does look like the call buyers have started a return to this market as we continue to go sideways and try to grind higher over the longer term.

USD/CAD

The US dollar initially fell against the Canadian dollar Wednesday, but then bounced enough to form a bit of a hammer. The hammer sits just below the 1.32 level, and as a result it looks like we are trying to break out to the upside. Call buyers seem to be encouraged, and any move higher should only encourage them further. A break down below the 1.31 level could entice put buyers to return though.

CAC

Although the French markets look very soft at the moment, it should be noted that there are seems to be quite a bit of support all the way down to the €4300 level. With this, any signs of a bounce or stability could bring call buyers back into this market.