If the price closes above the 67.98 previous yearly high, the bulls position is strengthened. For the bulls, resistance levels exist at 67.98 March 5th high, also at 74.60 which is the 1.618 Fibonacci extension target level of the last move, and finally at 76.90 which is the October 3rd 2018 top.
For the bears, support levels exist at 62.62 where the 0.50 Fibonacci retracement level and MA50 coincide, also at 61.35 bottom of May 21st and finally at 57.25 bottom of the last downward move on March 23rd.
• After a long weekend break due to Memorial day holiday, a flurry of announcements and chatter by FOMC officials is coming up today. Announcements are expected from the OPEC all day meetings taking place. CAD GDP results are due with the Manufacturing PMI of Canada following. From the US we have the ISM Manufacturing PMI and talk by FOMC members Quarles and Brainard.
• World equities were firmly on track to post a fourth straight month of gains on Monday, while the dollar struggled broadly ahead of European and U.S. data this week that will provide a clearer picture on the global economy's recovery path.
But U.S. stock futures edged lower and European cash equities trading was subdued on Monday due to holidays in the United States and Britain, with benchmark indexes sticking to well-worn ranges.
• Concerns about global inflation and slowing growth have proved to be a boon for gold, with prices for the yellow metal rising 8% this month, vaulting comfortably above $1,900.
• Oil prices were firm after gaining more than 5% last week to reach two-year closing highs as expectations of a rebound in global demand outweighed concerns about more supply from Iran once sanctions are lifted.
• At 12:30 (GMT) CAD Gross Domestic Product (GDP) will be announced. This indicator t's the broadest measure of economic activity and the primary gauge of the economy's health.
• At 13:30 (GMT) CAD Manufacturing Purchasing Managers Index (PMI) is also due. This is a survey of about 400 purchasing managers which asks respondents to rate the relative level of business conditions including employment, production, new orders, prices, supplier deliveries, and inventories.
• At 14:00 (GMT) US The Institute for Supply Management (ISM), Purchasing Managers' Index (PMI) is due. This report is a Survey of about 300 purchasing managers which asks respondents to rate the relative level of business conditions including employment, production, new orders, prices, supplier deliveries, and inventories.
• At 18:00 (GMT) US FOMC Member Lael Brainard is due to speak about the economic and monetary policy outlook at a webinar hosted by the Economic Club of New York. Audience questions expected.
• All day Event – OPEC Meetings taking place. OPEC-JMMC meetings are attended by representatives from the 13 OPEC members and 11 other oil-rich nations. They discuss a range of issues regarding energy markets and, most importantly, agree on how much oil they will produce.
US Indices Friday (Monday market was closed):
• Dow Jones +0.19%
• S&P 500 +0.00%
• Nasdaq +0.09%
Sources: Investing.com, forexfactory.com.