Oil price reversal sends USD longs scurrying

USD/CAD was the main mover for very obvious reasons closely followed by EUR/USD, which triggered trailing stops at various levels. This smells like a typical consolidative reversal of a strong trend and it now becomes a matter of picking the ranges.

The main risk event this morning will be in the NZD, with RBNZ Governor Wheeler giving a speech which includes a journalist lock-down (unusual for a speech like this).

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