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Firmer commodity prices seen to underpin......>

FOREX: Firmer commodity prices seen to underpin CAD & NOK through Asia. Oil
futures traded above $50/bbl and is now showing gains of +10% ytd. USDCAD
further extended its bearish break of channel base support to lows of C$1.3227,
bears need to clear the C$1.32 level before challenging the 100-dma & Dec 3 low
at C$1.3179/60. EURCAD closed below the 200-dma yesterday, extending the
downtrend to C$1.5150. Expect the next layer of support at C$1.5122/16 from the
100-dma & Dec 17 low. AUDCAD flirts with the 100-dma, last C$0.9465. Focus turns
to the BOC interest rate announcement at 1500GMT where rates are widely expected
to remain unchanged at 1.75%. The bank also releases its Monetary Policy Report
(MPR) which will include updated economic projections. EURNOK is off its worst
levels off the day following the release of lower-than-expected Norway GDP data,
last Nok9.7812. Downside support is seen at Nok9.7374 which represents the 50%
retracement of Nok9.4166-10.0581, below here opens the 100-dma at Nok9.6591.   

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