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USDCAD TECHS

Still In A Bear Cycle

LATAM

Summary: USDBRL Extends Losses To Near 2%

AUDUSD TECHS

Needle Still Points North

US TSYS

Focus on Midweek BoC, ECB Policy Announcements

FOREX

EUR Crosses Come Under Pressure As ECB Beckons

GOLD
GOLD: Gold is showing some ST promise after holding its July 3 low on Friday on
a closing basis, despite the temporary dip to $1236. A push above $1247, which
marks the July 10 low and July 12 high would make a case for a more sustainable
bounce, and bring the $1266 high seen on July 9 into play. 
- Recent dollar weakness should provide a slight tailwind to the metal,
particularly with the euro pushing back above 1.1700 today. 
- The steady decline in US real bond yields has also improved the fundamental
picture for gold, although weakness in the overall commodity complex continues
to act as a drag.