Daily Trading Opportunities – Friday, May 19

There is very little on the economic calendar to move the market today, and most of it comes from Canada. Because of this, it should be a technically driven session.

US WTI Crude Oil

Oil markets continue to grind sideways overall, as we have seen a significant amount of resistance just above the $49 level. It does seem as if the call buyers are starting to become a little bit aggressive though, so one would have to think that there is probably a little bit more of a slightly bullish bias in the short term.

USD/CAD

The US dollar continues to struggle against the Canadian dollar, as we initially rallied on Thursday but found enough resistance to turn things around completely. Because of this, looks as if every time the market rallies, the put buyers will be interested.

Gold

Gold markets stuttered a bit during the day on Thursday, and look as if they are starting to get a bit exhausted. That being the case, a short-term pullback could present itself. Nonetheless, expect volatility as gold seems to be driven by headlines more than anything else.