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Pullback Considered Corrective


Holding Above Recent Lows


BLOCK, Large 3Y Midcurve Put Condor

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  • Prevalent moves of the US morning extending after the London close here, with EUR/USD now topping out at a new high of 1.1804 and now trades north of yesterday's highs.
  • Not a whole lot of volume in the latest move higher for the pair, if using futures as a proxy, but move does expose 1.1851 resistance initially ahead of the more 1.1881.
  • Ebb lower in the USD perhaps most notable against the CAD, with USD/CAD coming under downside pressure after the sizeable draw in distillates inventories in the earlier DoE stockpile update (draw of 1.3mln vs. Exp. Build of 1.2mln).
  • USD/CAD support undercuts at 1.2502 initially before anticipated stronger demand expected into the key support at the Jun 23 low of 1.2253.