ECB In Focus, While Australia Pokes The Panda

The US dollar trading in a wide range against the Canadian dollar yesterday, and its net drop of about 0.9% was the largest decline since June 1 last year.  It is consolidating today below CAD1.2515. Yesterday's low was near CAD1.2460.  There is little of note on the charts ahead of the March 18 multi-year low of CAD1.2365.  Note that the lower Bollinger Band (two standard deviations below the 20-day moving average) is around CAD1.2480 today.  The greenback bottomed against the Mexican peso on Tuesday by MXN19.7850, its lowest level since January.  It has been consolidating below MXN20.00 since then. Above there, the initial potential extend toward MXN20.10-MXN20.15 (UDN, FXC).  

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Read more by Marc on his site Marc to Market.

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