Of note:
EURUSD 4.15bn at 1.0950/1.1000.
USDCAD 1.1bn at 1.3595/1.3600 (thu).
EURUSD 2.25bn at 1.1000 (fri).
USDCAD 1.3bn at 1.3595/1.3600 (fri).
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The short-end led a Treasury rally in a busy Friday session, despite a fading of the initial dovish reaction to soft nonfarm payrolls data.
Recent gains in USDCAD appear to have been a correction and the recent impulsive sell-off, in August, reinforces a bearish condition. Note too that moving average studies are in a bear-mode set-up, highlighting a dominant downtrend. A resumption of bearish activity would signal scope for a move towards 1.3358, a Fibonacci retracement. On the upside, initial firm resistance to watch is at 1.3574 the 20-day EMA.
Friday's SOFR options flow included: