Technical outlook • EUR/USD falls, as weekend’s G8 meeting left Germany and its strict stance on cutting debt first looking isolated as the tide turns on boosting growth. Whilst many watched with baited breath the G8 Summit has produced no exciting headlines and has turned out to be rather anticlimactic. While it is not a real surprise, the deterioration of the Euro zone debt crisis appears not to have disturbed the calmness surrounding these meetings, which continue to show an alarming lack of urgency surrounding the Euro-zone situation. This week on Wednesday EU Leaders will meet and Germany will take centre-stage as the country is expected to be asked to slightly ease austerity around peripheral economies in Europe, and rethink its strategy around the notion of ‘growth’. Technical outlook • USD/CAD The Canadian dollar continued retreating against the soaring greenback, as European fears helped the USD and pushed oil prices lower. Retail sales are the highlight of this week. Canadian manufacturing sales soared in March amid an unexpected 1.9% boost in sales following a 0.2% contraction in February pulling the economy back on a growth track. This rebound came amid a rise in petroleum and coal products. With a strong labor market and a recovering manufacturing sector Canada has a lot to look forward to. Technical outlook • AUD/USD The Australian dollar continues to tumble, and has now dropped almost 6 six cents in the month of May. For anyone who loves extreme volatility in the markets, there’s no need to look elsewhere. Given the turbulence an uncertainty in Europe, investors will be favoring safe haven currencies, which spells more trouble for the free-falling aussie.