During the session on Tuesday, there isn’t much out there to move the market. We have Canadian Wholesale Sales, Mark Carney speaking from the Bank of England, but beyond that it should be relatively straight forward.

USD/CAD

The US dollar rallied a bid against the Canadian dollar on Monday, but there still seems to be a bit of consolidation in this general vicinity. It’s probably only a matter of time before the put buyers come back into the market, as we have seen such a strong move to the downside. Alternately, if we can break above the 1.33 handle, then the call buyers may be a bit more comfortable.

WTI Crude Oil

The WTI Crude Oil market rallied a bit during the day on Monday, but continues the fine resistance above. It is more than likely only going to be a matter of time before put buyers jump back into the market and punish oil as it has gotten a bit too strong.

DAX

The German index gap tire at the open on Monday, slamming into the €12,900 level. It now looks as if pullbacks are going to continue to attract call buyers. €13,000 above is of course a psychological barrier.