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Lots of conflicting signals, but it soon became clear that a CAD push higher was on the agenda. The correlation with Oil remains in place, but despite WTI levels coming off the boil, the market targeted USD/CAD support from 1.3670-40, pushing through and extending gains to pre 1.3600 initially. Good size bids emerged at the figure, but the market continued to push aggressively, taking out the figure and stops below. In the meantime, WTI has drifted lower to session lows just towards $31.0. Choppy trade elsewhere, but USD weakness threatening against EUR, GBP, AUD and NZD. Cable tried to reclaim the 1.4000 handle, but the pullback seems to be finding support ahead of 1.3900. 1.1045-55 looks to be capping EUR/USD for now, but the lack of progress through 1.0950-25 support may lead to some frustration and a subsequent short squeeze despite impending ECB action next month. Modest losses in the US stock markets, but spot and cross JPY seems to be weathering this well. USD/JPY failed to get a handle on 113.00, but looks destined for higher levels if stock markets can avoid major surprises. CNH vs CNY still more or less around flat through the day, though both marginally higher, but ignoring the heavy losses in the SHCOMP overnight.
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