CAD and CHF biggest losers in overnight trade
- USD/CAD is over 1% higher since yesterday morning and the next technical target is 1.0850 highs from 4 years ago. I still think this pair has longer-term scope to test levels near 1.1700. Buying-big-dips is the obvious play.
- One of the big Swiss banks is behind much of the CHF selling as it rebounds from quite overbought levels on many of the crosses. There is a nice basing formation in AUD/CHF which will give clear entry/exit levels (see chart).