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Forex Recap - Some Breakouts but Nothing Convincing

Today, currency markets were tame for the most part. However, we did see some minor breakouts.

EUR/USD
was held in a 1.3707-1.3748 range.

GBP/USD and GBP/JPY look like they want to challenge the resistance of the consolidation formed during the second half of February.

(GBP/USD and GBP/JPY 4H charts)

USD/JPY did not dip as I anticipated. Instead it broke a short-term trendline, and is challenging the February consolidation resistance between 102.55 and 102.70.

(USD/JPY 4H chart)

AUD/USD continued to rally, breaking above its recent consolidation channel. It looks poised to test the 2014 highs around 0.9080.


Finally, USD/CAD drifted lower after the BoC maintained rates, but did sound slightly more hawkish.

BoC Keeps Rates Unchanged: USD/CAD Drifts Lower