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USDCAD TECHS

Needle Still Points South

US TSYS

Yields Bounce as Equities Make New Monthly Highs

AUDUSD TECHS

Heading North

EURJPY TECHS

Bull Rally Accelerates

COLOMBIA

Economists Survey Raises 2021 CPI Forecast To 4.9%

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  • WTI and Brent crude futures both hold in positive territory, with front-month WTI within range of the cycle highs printed on Oct11 at $81.18/bbl. Clearance here would put markets on track to test $82.89, a Fibonacci projection.
  • Focus turns to today's crude oil inventories release - a day delayed due to the Columbus Day holidays on Monday. Markets expect a build of around 500k barrels for headline crude, while distillate inventories are seen seeing a draw of a similar magnitude.
  • Gold rallied sharply higher yesterday. The yellow metal has breached the 50-day EMA and resistance at $1787.4, the Sep 22 high. The resumption of strength reinforces short-term bullish conditions and the bullish engulfing candle pattern that signalled a potential reversal on Sep 3. The focus is on $1808.7 next, Sep 14 high. Initial firm support is at $1746.0, Oct 6 low. A break is required to undermine a bullish tone.