A lively day for the pair so far 6 March
Yesterday's trade war/NAFTA related rally to 1.3000 has now reversed all the way back down to 1.2863 after another failure into 1.3000 earlier today.
The North Korea nuclear talks offer that led to renewed risk appetite in a flurry of action saw CADJPY demand and general USD supply tip the scales in rapid fashion from 1.2990.
A line in the sand at 1.2960 was broken triggering stops through to 1.2925 only to then get another smack through 1.2900 with longs bailing and triggering further stops to post 1.2863 in a rush, holding what is a decent line and where I noted bids earlier,
It's now bouncing back up to 1.2908 in equally rapid fashion. We should now expect res/offers into 1.2930 with larger at 1.2960 and ultimately 1.3000 still if the rally is to continue which seems unlikely at the moment.
