USD is without a doubt the strongest one today as helped by another day of rally in yields. 10 year yield hit as high as 3.032, just shy of 2013 high, key resistance level, of 3.036. Up till now, it looks like TNX could close above 3.000 handle. But let’s see.
D heatmap shows that GBP is so far very resilient today, staying above yesterday’s low against USD and is trading as the second strongest. However, it’s the strength of CHF and CAD in the current 4H bar that catches our attention.
On the one hand, CHF is helped as EUR/CHF is rejected by 1.2 again.
Meanwhile, CAD is helped by some cross buying. It’s a bit early to say. But EUR/CAD could be starting to end (?) the corrective rebound from 1.5461, ahead of 38.2% retracement of 1.6151 to 1.5461 at 1.5724.
EUR/CAD’s action bias chart is not giving any indication of that yet. We’ll keep monitoring it too see if there will be red action bias bars in H and 6H chart ahead.
