USD/CAD had a fairly quiet day as the Americans celebrated Labor Day. This is significant because most of the volume in this pair comes out of North America. With this in mind, the lack of action isn't a surprise. We are currently looking to see if the 0.98 level offers a bounce in order to continue consolidation.
The USD/JPY pair was quiet as well. We are still in the region that we suggested could be very supportive, and the Bank of Japan is certainly paying attention. Because of this, we are buying this pair on signs of support, but in small increments.
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