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    Nylon Handover: Global stocks stare at bear territory

    A volatile session overnight but ultimately directionless, with the majority of FX markets producing wide ranging Doji's and exceeding their typical daily ranges. Global stocks meanwhile teeter on the edge of confirming a technical bear market.



    - Bank of Canada held interest rates at 0.5% and provided a relatively hawkish statement, forecasting growth of 1.4% in 2016 and 2.4% in 2017. USDCAD shed 0.5% at the close having broken to yet anothe rmulti-year high. The reversal from the highs would have been more sever had it not been for oil prices breaking to new lows. 
    - Oil however remained centre stage, with WTI printing a fresh low of $27.70 a barrel and Brent at 27.60. 
    - Global stocks slid overnight, with all sectors within Europe down at the close. 
    - VIX is up over 6% on the session, conveying heightened anxiety in the markets. 
    - Gold now sits at a 7-day high and appears set to break this year's high.
    - USDJPY fell to an 1-yr low, breaching 116 to print 115.98 but regained 50% of the session's losses by NY close. 
    - If there is anything to take from the price action overnight is the hesitancy for Dollar bulls to regain control. AUDUSD in particular may be forming a base above 0.6825, having seen 3 volatile bullish closes above this key level. 


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