We have reported at length in recent months how some of the bigger Sovereign players were playing a 1.02/1.07 range in USD/CAD. When the bids disappeared in recent weeks we thought that they too had given up on the USD but then yesterday we got the first reports that the bids in USD/CAD had returned, with 1.0050 the preferred level.
This new found confidence in the USD has obviously rubbed off onto other pairings.
Based on other reports on standing orders in the USD/CAD, 1.0375/80 should provide very good resistance during the Asian session and any big dips back towards 1.0200 will find lots of grateful buyers.
