US dollar continues to strengthen

Maybe the NCAA tournament is reminding everyone how great the United States can be. It's definitely going to sap liquidity for the remainder of today and tomorrow as the 64-team tournament starts.

The latest move is more likely a show of strength from the US dollar as the news of a subpoena for the Trump organization is brushed off. It initially caused some US dollar selling but that's quickly reversed. Sometimes, a little test like that can underscore and underpin a trend like the bid in the dollar today.

There is no doubt that the move in USD/CAD is the big story technically today but AUD/USD has taken a dive too.

It's not a reason to panic but this will mark a lower high from the mid-February peak and a pair of lower lows is already in place.