POWER: EdF Removes Gravelines 1 from Fuel Save List

Crude oil (loses ~$2.50) and gold offered, Tsys (on inflation readthrough from lower crude) and equities bid, after WSJ sources note that “Iran has been urgently signaling that it seeks an end to hostilities and resumption of talks over its nuclear programs, sending messages to Israel and the U.S. via Arab intermediaries.”

• The piece goes on to note that “in the midst of a ferocious Israeli air campaign, Tehran has told Arab officials they would be open to return to the negotiating table as long as the U.S. doesn't join the attack. They also passed messages to Israel saying it is in the interest of both sides to keep the violence contained”.
• The BBDXY trades to fresh session lows on the news.

• Program buyer on the Cash Open, 1499 names, the most since 27th May.
• Next Immediate resistance in SPX comes at 6059.40, last Week's high, and also the best printed level since February, the Index is now trading at 6021.42.

• RES 4: 1.4200 Round number resistance
• RES 3: 1.4111 High Apr 4
• RES 2: 1.3861/1.4016 50-day EMA / High May 12 and 13
• RES 1: 1.3732 20-day EMA
• PRICE: 1.3542 @ 14:41 BST Jun 16
• SUP 1: 1.3535 1.0% 10-dma envelope
• SUP 2: 1.3503 1.618 proj of the Feb 3 - 14 - Mar 4 price swing
• SUP 3: 1.3473 Low Oct 2 2024
• SUP 4: 1.3410 1.764 proj of the Feb 3 - 14 - Mar 4 price swing

The trend needle in USDCAD continues to point south and fresh cycle lows last week and again today, reinforce a bearish theme. Support at 1.3686, the May 26 low and a bear trigger, has been cleared, confirming a resumption of the downtrend. This maintains the price sequence of lower lows and lower highs. Sights are on 1.3535 next, envelope-based support, and 1.3503, a Fibonacci projection.Resistance at the 20-day EMA is at 1.3732.