Risk-on sentiment is gather steam today with major European indexes trading broadly higher, while US futures point to higher open. WTI crude oil is also up another 2.5% and is back above 70 handle. In the currency markets, Australian Dollar is leading the rebound in commodity currencies, with help from a slightly more upbeat RBA statement. European majors are the worst performers together with Yen, while Dollar is mixed. Technically, focus is now on some European-commodity crosses with today's development. In particular, EUR/CAD is heading back to 1.4162 support after earlier rejection by 1.4580 support turned resistance. Break will resume larger down trend and target 100% projection of 1.5783 to 1.4580 from 1.5096 at 1.3893. Also, GBP/CAD is diving back to 1.6716 support after rejection by 55 day EMA. Break will resume larger down trend for 100% projection of 1.7884 to 1.6849 from 1.7623 at 1.6588. In Europe, at the time of writing, FTSE is up 1.19%. DAX is up 2.08%. CAC is up 2.34%. Germany 10-year yield is up 0.0219 at -0.365. Earlier in Asia, Nikkei rose 1.89%. Hong Kong HSI rose 2.72%. China Shanghai SSE rose 0.16%. Singapore Strait Times rose 0.59%. Japan 10-year JGB yield rose 0.139 to 0.055. | 