The new developments of note include new all-time highs in EURNOK (note NOKSEK as well), EURCAD on the cusp of a breakout and USDCAD likewise breaking to new local and medium-term highs today. GBPJPY and AUDJPY are the first JPY pairs eyeing new downside breakouts, with AUDJPY breaking lower yesterday.
Today’s Breakout Highlight: EURCAD
Today’s biggest mover within the G10 space is EURCAD, as the firmer Euro may be on the basis of massive yield compression all along the curve relative to US treasury yields recently, but also as the euro may have been the funding currency of choice for carry trades against higher yielding EM currencies and investments in US tech giants (and hedging of new long EU equity exposure). Regardless, this is quite an impulse of EUR strength and will bear watching in coming days and weeks.