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Profits were taken on the US dollar, especially against the yen and vis-a-vis commodity currencies. The strength of commodity currencies will be tested with crude oil inventories, which have an effect beyond the Canadian dollar. Also the pound will have its share of action ahead of “Super Thursday” with industrial output data. For EUR/USD, we will hopefully see a break out of the range. USD/JPY looks somewhat vulnerable.

Wrap up of the morning show for Wednesday, May 11th: