Asian markets were strong overnight and consequently, the FTSE, CAC and DAX have started the week in positive territory.

Although the bankruptcy of CIT bank in the US rumbles on, there were no significantly negative news stories over the weekend to dent the bull’s confidence.

Commodities were strong in the Asian session, though miners and crude oil stocks have pared gains in the first hour of the European session.

Fixed-Odds Trading

This week, money is continuing to flow away from the perceived safety of the US dollar and Japanese yen and into the pound, euro and Australian dollar.

Oil continues to act as a great barometer of economic sentiment and the recovery in crude oil prices has helped exporting countries such as Canada.

There is little to chew on today on the economic news front, but there are some middle tier economic announcements affecting the Canadian dollar are 12.30 GMT. With oil prices recovering, this puts the USD/CAD as today’s pair in play.

The Canadian dollar’s recovery against the dollar has been more violent than similar moves in the euro and pound, thanks largely due to the accompanying rise in oil prices. This multiplier effect has the potential to push the USD/CAD ever closer to the 1.1000 level.

A Financial Fixed Odds One Touch trade around the 1.1000 level or below over the next few days could be a good way to play this.

Also see FX Spread Betting.

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