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U.S. inflation report came in solid yesterday, FOMC Minutes were hawkish. Headlines regarding military intervention in Syria, however, have kept risk assets contained, as have renewed trade concerns. Canadian dollar is one exception, had a great week so far. USD/CAD fell about 270 pips (high to low) but momentum appears to be easing into 1.25 support. Broken 200 DMA should now act as an initial resistance.
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USD/JPY capped by 107.5 but for how long
Currencies didn't move much overnight after yesterday's recovery in risk assets and leg lower in the dollar. U.S. inflation report and FOMC Minutes later today could act as a catalyst for USD/JPY to leave its 90 pip weekly range. A break above 107.5 seems inevitable at this point. 106.5 is the initial support.