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[B]BIAS[/B]: Expect a pullback to 81.69-83 before higher to 83.01-36

[B]MAIN ANALYSIS[/B]: The direct break above 81.87 carried price through 82.23 and to the 82.64 level late on Friday. We should now see a pullback to the 81.69-83 area from where the rally should resume and back to around Friday's high, followed by a correction ahead of the move to the 83.01 target. I still feel that will probably hold but allow for 83.36.

[B]COUNTER ANALYSIS[/B]: Only directly above 82.70 would see the final move to the 83.01-36 area. Take care here as I still feel this is an important projection area. Above is also 83.55-88...
Only back below 81.60 would see the 81.32 corrective low and also the risk of a move right ...

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USDCAD stays in a trading range between 0.9841 and 1.0050. Lengthier sideways movement in the range would likely be seen over the next several days. As long as 1.0050 key resistance holds, the price action in the range is treated as consolidation of the downtrend from 1.0422 (Dec 14, 2011 high), and one more fall to 0.9700-0.9800 area is still possible after consolidation. On the other side, a break above 1.0050 will confirm that the downtrend had completed at 0.9841 already, then the following upward movement could bring price back to 1.0400 zone.



Daily Forex Forecast

Crude oil continued to trade high but didn't move much on a weekly scale. During last week Brent oil added 1.16% to its value and WTI rose by 0.66%. The premium of Brent oil over WTI slightly increased but remained in the $17 to $19 range. Will crude oil prices start to rise? There are many news items and events that may affect the direction of crude oil prices during the upcoming week. So here is an outlook and analysis for the crude oil market for the week of March 12th to 16th:
For the complete oil market weekly analysis at Trading NRG
On Friday, March 9th crude oil price (WTI) increased by 0.77% and reached $107.40/b; Brent oil price also rose by 0.2% to $125.83/b; during last week, WTI spot oil rose by 0.66% and Brent oil ...

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