Diesel cracks spreads and time spreads have continued to weaken today, continuing the general down trend since Feb. 9. Diesel cracks have no erased almost all of February’s earlier gains.
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USDCAD maintains a firmer tone. This week’s rally has resulted in a move above the 50-day EMA, at 1.3459. The break higher confirms an extension of the corrective bull cycle that started Dec 27 last year and has opened 1.3538, 50.0% of the Nov 1 - Dec 27 bear leg. This level has been pierced, a clear break would open 1.3608, the Dec 13 high. Support to watch is 1.3343, the Jan 12 low. Initial support is at 1.3407, the 20-day EMA.
AUDUSD maintains a softer tone following this week’s bearish price action. Short-term gains are considered corrective. The pair has breached a trendline drawn from the late October low. The break strengthens a bearish theme and signals scope for a deeper correction. Attention is on 0.6526, the Dec 7 low and the next key support. A clear break would open 0.6500, a Fibonacci retracement. Initial resistance is at 0.6639, the 50-day EMA.