Looking at the Thursday session, it’s hard not to imagine that the UK general elections will dominate the headlines. We also get the ECB Interest Rate decision coming out, and while it is not expected to be a change, quantitative easing will be in focus. If we cut back on it in the European Union, it’s likely to be massively supportive for the EUR.

EUR/USD

After rumors cross the newswire that the ECB may not cut quantitative easing, the EUR/USD pair fell precipitously to the 1.12 handle. However, you can see that we started to bounce almost immediately. The market certainly looks as if it has a lot of bullish pressure underneath it, so unless there’s some horrible surprise, looks as if the call buyers are willing to step in.

WTI Crude Oil

The WTI Crude Oil market continues to grind back and forth, and it looks as if we will probably stay within this type consolidation range. Call buyers seem to be attracted to the $47 level, while put buyers seem to be attracted to the $40.25 level.

USD/CAD

The US dollar fell slightly against the Canadian dollar, but it looks as if there is support just below. Call buyers may be attracted to this market, especially if oil markets rollover. Alternately, a breakdown below the 1.34 level should have put buyers interested in getting involved.