Despite a fairly quiet day flow-wise we saw the USD push higher to new recent highs since the FOMC shakeout. Ahead of today’s Canadian GDP, Euro Area CPI and US NFP on Friday, we maintain our moderate stance (currently around 1/3 of max), and hold on to our dollar length. We are still looking to be more flexible, and maintain our long USD position vs EUR and GBP.
{EU} EURUSD Lower => We maintain our conviction of EURUSD lower from here mainly through options, with key technical levels: Resistance will now come in at high of 1.0830 then 1.0880, while on the downside the key support levels will be 1.0770.
{GB} GBPUSD Lower => We maintain downside option structures in the Pound and continue to believe election overhang will ultimately send us lower – levels: 1.4752 yesterday low the first support with 1.4843 above.
{JN} USDJPY Neutral => We remain neutral here, with key levels: 120.20 and 120.37 is the main resistance areas, with 118.90/119 the strong support level below.
{CA} USDCAD Neutral => We remain neutral here, with key technical levels: support at 1.2615 then 1.2550, with the first resistance level coming in at 1.2725 and above.