FX Action: USD-CAD has made intra day lows FX Action: USD-CAD has made intra day lows of 1.3197, after topping at 1.3299 early in the session. Another surge in oil prices has been the catalyst for the selling, though corporate bidding interest is said to be moving in from the 1.3200 level.
FX Action: USD-JPY has topped out at 121.48 FX Action: USD-JPY has topped out at 121.48, with support most recently coming from a hawkish reading on interest rates from the Fed's VC Fischer. The pairing traded above Thursday's 121.40 peak, effectively unwinding the vast majority of losses seen on Monday, when the world was hit with China's meltdown. USD-JPY has recovered 4.5% from Monday's 116.15 lows. Better incoming Japanese data last night likely slowed today's rally, as expectations for further Japan stimulus have eased somewhat since.