Major economic events for the week:

Monday - no high impact economic releases scheduled

Tuesday - UK CPI (4:30 AM EST) and Core retail Sales (8:30 AM EST) and                    NZD - Quarterly CPI (6:45 pm EST)

Wednesday - CAD - BOC Interest rate (10:00 AM EST)

Thursday - mo major impact econ release scheduled

Friday - CAD - Core CPI (8:30 AM EST)

Hot List

1. GBP/USD - the currency pair has been in correction mode this morning breaking first level of support on the daily chart and whole number and tested the minor support area at 1.7070. If a consolidation will develop into this area ahead of economic release expected tomorrow a watch of a break of 1.7070 can take the GBP/USD lower into 1.7000 and even lower breaking the whole number into the next support area of 1.6950.

A bounce over 1.7100 area would be buyable if minor support area will hold - basically will look for a 4 hour buy cluster  at the 1.7100 level and this will most likely place this currency pair back into the continuation of the strong uptrend with projected targets into previous highs set last week of 1.7178 and a continuation into 1.7200.

1. AUD/USD

Daily chart suggests a continuation of the uptrend. 

So what does this mean for the shorter term trader:

A break over 0.9400 can trigger a follow- through back to the previous high pivot of 0.9460. 

Happy Trading,

Anka Metcalf