Bounce fades fast - After Thursday's sharp....>

FOREX: Bounce fades fast

- After Thursday's sharp move lower, equities initially bounced well on Friday,

but this soon faded, with most of the gains being erased ahead of the close.

Stocks remain in minor positive territory and the ability for US futures to hold

above Thursday's lows may have inspired some confidence. Reopening states'

Coronacount remains a concern. Growth in Florida cases accelerated to 2.8%.

- As a result, much of the risk-off move in haven FX was reversed Friday,

keeping JPY and CHF weaker throughout. Markets remains largely defensive,

however, with USD/JPY failing to take out the 50-dma resistance at 107.62.

- More settled oil markets helped CAD regain some of the recently lost strength

and CAD bulls we may regather if USD/CAD fails to show above 1.3760 on any

retracement.

- The upcoming week is a busy one, with rate decisions from the central banks of

Norway, UK, Switzerland, Japan, Brazil and Indonesia. Speeches are also due from

Fed's Powell, who appears in front of the House Fin Serv panel and Fed's

Clarida.