It was quiet overnight with no major data releases. USD/JPY rallied to 112.20 in the early Asian session, but then fell back to 111.85 as Asian stock markets opened lower. A break above 112.20 resistance would suggest we will see a test of 113 soon, but overall, techs remain bearish and larger rallies are likely to attract selling interest. Support is seen at 111.75 and 111.20.
AUD/USD has been under pressure since the start of the new trading week and overnight, it extended losses slightly as it fell to 0.7568. Support is seen at 0.7530, while resistance is noted at 0.7630 and 0.7680. Meanwhile, NZD/USD consolidated in 0.6750-75 range.
USD/CAD is holding well despite the rally in oil prices. Overnight, it fell from 1.31 to 1.3070 and support is seen at 1.3020 and 1.2980. While the pair looks oversold in the short-term, should the rally in oil extend, it is unlikely we'll see a major short squeeze in USD/CAD soon.
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