Technical Analysis

CAD is the strongest.  The JPY is the weakest

The snapshot of the strongest and weakest currencies as London/Europe head for the exits is showing the CAD is the runaway strongest, while the JPY is leading the major currencies to the downside.

The USD is mixed today with gains versus the JPY, CHF and marginally vs the EUR and declines vs the CAD, NZD, and GBP. It is unchanged vs the AUD.

The USDCAD range is at 137 pips today, well ahead of its 22 day average (about a month of trading). The CADJPY is also on the run, trading near it’s high of the day and up 108 pips.  

The JPY pairs have been more supported today, but the EURJPY is retracing as is the GBPJPY which peaked right near its key 200 day MA at 149.14 (the high reached 149.18 and trades now at 148.71. Sellers leaned.

In other markets:

  • Spot gold is down -$2.00
  • WTI crude oil is up $1.69
  • S&P is up about 10 points and the Nasdaq up about 20 points. The Dow is up 33
  • US 10 year is pushing 3.0%. The treasury will auction 10 year notes at 1 PM ET.  It has been almost 7 years since the 10 year was auctioned with a 3% coupon. 

Later at 5 PM, the RBNZ is expected to keep rates unchanged. There will be a new format for the release by the RBNZ with lots of graphs apparently.  

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