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It’s been a big week for global markets and it’s not over yet, with the Bank of Japan rate decision scheduled for later today.

The bullish move in USD/CAD has been pronounced after the pair bottomed in July, but now the question of topping starts to come in as a major resistance level has come back into the picture.

EUR/USD has sold off for eight consecutive weeks and even EUR/JPY looks like it has potential to put in a turn. Will the European Central Bank rescue bulls with another rate hike this Thursday?

While USD strength has been the rage in many FX markets, the same can’t be said in USD/MXN where Banxico rates have kept the carry driving the short side of the pair for much of the past two years. But now there’s the threat of reversal.

With the US out celebrating Independence Day holiday, it should be a quieter day than usual as several key markets will be closed for trading. With that in mind, this edition of Technical Tuesday is going to be a lighter one. We will get technical on the gold outlook and provide analysis on the FTSE and DAX.

Watching US 10-Year Yields and USD/JPY could give a clue as to the next direction for mortgage rates.

Will the BoJ act when it meets on Wednesday? Traders aren’t taking any chances and are selling the Nikkei 225 ahead of any surprises.

precious metal looks heavy amid aggressive rate hike expectations