USD/CAD is trading at 1.21218, 0.03% down since Tuesday. The firmer amid rising inflation concern & uncertain Fed outlook created slight selling bias in Canadian Dollar (CAD). However, an upside in the pair may remain intact due to surging commodity prices since Loonie is a commodity-backed currency. Last week, the poor U.S NFP figure raises the chances of Fed keeping the interest rates lower which pushed up the other counterparts. The rising Oil prices may support the CAD since they are directly correlated. As seen in the Monthly chart, the pair is floating near major support level of previous lows & further buying may be seen in CAD if breached the levels.

Copper is trading at $10512, 0.72% up since previous close. A strong breakout can be seen in Copper prices since last few trading sessions amid progressive global recovery from Covid-19 situation. This revives the consumption demand of metals due to restarting of normal industrial & manufacturing operations in few countries. Also, the soft USD on account of Fed accommodative approach towards monetary policy & evenly distribution of Covid-vaccine supplies helps in pushing up the commodity prices. The declination of Copper stocks levels at LME further makes it expensive. As seen in the chart, the commodity is trading near upper trend-line of channel pattern showing the chances of further buying if breached.

US100 is trading at 13241, 0.28% down since Tuesday. The U.S markets nosedived in early trade on Wednesday as traders & investors remains anxious over rising inflation & surging commodity prices due to global recovery. Last week, the US100 formed record high amid soft U.S NFP data which probably makes Fed to leave interest rates on lower side & also, diminishes the chances of QE tapering. Also, the progress in supplies of Covid-19 vaccine in the country raises the chances of revival of economic condition. The market will be looking forward to the result of CPI data today. As seen in the chart, the index has formed an ascending triangle pattern & is trading at major support level. Wait & watch strategy may be adopted further for the day,