Fresh highs for cable, CAD and euro
The euro has joined in the burgeoning rout on the US dollar today. Lockhart again hinted that a hate hike is only 5 weeks away but it's not lending any support to the US dollar.
Instead, the euro just ran a fresh set of stops above 1.1000.
Cable hit a second wave of stops and touched as high as 1.5606.
This looks like a classic retracement day within the trend of a stronger US dollar. That said, the strength in the trending periods has begun to wane.
One spot that's beginning to look attractive is gold. It's up $13 today and appears to be breaking out. I highlighted the upside potential with some gold technical analysis on Friday.
