With equities in the upper end of their range for the day (Dow up 1.5%) and oil up better than $2, CAD and AUD are on the mend. AUD is approaching technical resistance around 1.0500, with a barrier and the 50% retracement of the slide from 1.1080 coming in around that level. Look for more shorts to cover if we can break and hold above 1.0500.