– After the quiet start to the month on Thursday, overall volumes on Friday returned to average levels for the year.
– EUR/CAD triggered a topping pattern on Friday and rising volume levels signal that investors are confident to sell. Our initial target is in the 1.2670 area.
– Our suspicion of fading interest in JPY shorts was confirmed on Friday with the bearish moves in several JPY crosses (e.g. bearish engulfing in EUR/JPY), which attracted an uptick in volumes. JPY buyers are keeping recent ranges intact.
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Barclays Capital