Markets had some big moves in Wednesday trade as the majors were a big feature of the action. Both the JPY and the CAD had some of the sharp jumps as we started taking out key levels.

The USD/CAD spiked higher and we are now looking at potentially breaking out of our range. While the USD/JPY has been tumbling as the BOJ look to reduce their bond purchases.

The Cryptos had some weakness also, with Bitcoin (BTC) continuing to slide lower. Ripple (XRP) has been the most active in recent times and has fallen back further. Although there might be some key support here that will hold price from too much more downside.

Is the USD Forming a Base?

The USD has been in freefall for the last week or two, however, it looks like we are establishing a bit of a base. There was a sharp move lower intraday yesterday, but we still managed to maintain the range as we can see on the US Dollar Index (DXY).

The top and bottom of the current range are 92.80 and 91.80. While we are in this range I will be neutral on the Greenback. If we crack one way or another then we can shift our bias from this point onward.