Quiet session expected- focus on commodities

Oil made some significant gains overnight, causing the CAD to bounce significantly across the board. Precious metals also made decent gains and Gold seems to be trying to form a base now at $1080. We would need to see a solid break back above $1125 before becoming too excited.

NZD/USD seems to have found an interim base now at .6500 and I prefer the dip-buying strategy for now. Despite some very poor economic news last week, the NZD made short-term gains, usually a sign that the market is looking for a rest or even a turn.

The AUD/USD also looks to have fallen far enough for now, although the Aussie does look a bit shaky on some of the crosses like AUD/CAD and AUD/NZD.

USD/JPY sell orders are capping for now towards 125.00 but there still seems to be plenty of domestic interest out of Japan for foreign assets so this should keep the downward pressure on the Yen in the short-term.

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