Dollar Index (DXM9):

The DX opened lower at 84.73 and rose to a morning Hi of 84.89 as equity markets retraced on the weaker than expected drop in Q1 GDP to -6.1%. Traders looked to the drop in stockpiles and the increase in consumer spending as the silver lining in the dark cloud to go along with an upgrade of the banking sector and better than expected earnings in Samsung and Siemans AG to propel equity markets higher. The DX retraced to a mid-day level of 84.24, before bouncing into the close of 84.65, down 67.5 tics. The s/t trend remains 'negative' w/weaker momentum indicators. Cautioned optimism from the latest FOMC meeting could fuel equity markets higher, which should weigh on prices. A lower open may find Support at 84.11 and 83.57, while an open above 84.77 should find Resistance at 85.31 and 85.97.   

Euro Currency (ECM9):

The EC opened higher at 1.3261 on an improved PMI index and an increase in executive and consumer sentiment. As the DX retraced with the increase in risk-tolerance, the EC bounced off our initial Resistance level of 1.3221 to a Daily Hi of 1.3360, before sliding to a close of 1.3288, up 142 tics. The s/t trend remains 'positive' w/ firm momentum indicators. Traders will key on the equity markets to determine the risk/reward level for the safe-haven of the DX, which has a direct correlation to the direction of the EC. A higher open should find Resistance at 1.3392 and 1.3497, while an open below 1.3256 may find Support at 1.3151 and 1.3015.

Canadian Dollar (CDM9):

The CD opened higher at .8321 against the weaker DX and higher oil prices. Prices dipped to a morning Lo of .8285, before rising to a mid-day Hi of .8342 as oil prices hit a daily Hi of $51.42. Prices slid lower in afternoon trading before bouncing into the close of .8333, up 127 tics. The s/t trend remains 'positive' w/firm momentum indicators. A weaker DX should support higher commodity prices and see the CD test the Target Hi of .8368 on 4/16. A higher open should find Resistance at .8387 and .8442, while an open below .8288 may find Support at .8233 and .8134.