Daily Intermarket Outlook-June 11

By: IntegrityFX
As the broader markets struggle to find a consensus on direction, oil easily gained on the day closing up 85 cents. In the equity and currency markets the day began with heavy risk aversion, only to have it reversed in the last two hours of the US session. Tomorrow look for equities to make a positive move; at least in the beginning of the day.

It is unclear right now if they will be able to break out of their recent trading range. However, equities have consistently made higher lows since the beginning of the month, so our overall bullish bias remains intact. For currencies, look to buy riskier ones into the US open tomorrow, but be weary of S&P getting rejected down once again near the 945 level. Despite the rise in oil today, the CAD remains relatively weak, so look for further strengthening of the currency to come this week.