Moves in the markets are intensifying as another week starts, as Russia's invasion on Ukraine continues. US and allies rejected Ukrainian President Volodymyr Zelenskyy's plea for creating a no-fly zone over the country. But they're now considering to step up sanctions on Russia by banning its oil exports. Asian stocks are trading in deep red while oil prices and gold surge. European majors are under heavy selling, and Aussie is leading other commodity currencies sharply higher. Technically, Aussie is having a clear advantage over Canadian as seen in AUD/CAD. With a strong break of 38.2% retracement of 0.9991 to 0.8906 at 0.9320, further rise should be seen to 61.8% projection at 0.9577. Sustained break there will raise the chance that AUD/CAD is indeed resuming the long term up trend from 0.8058 (2020 low). That is, there is prospect of Aussie continuing to outperform Canadian ahead. In Asia, at the time of writing, Nikkei is down -2.95%. Hong Kong HSI is down -3.23%. China Shanghai SSE is down -1.81%. Singapore Strait Times is down -0.48%. Japan 10-year JGB yield is down -0.0066 at 0.146. | 