Jan 21, 2016: CAD and GBP are the strongest. CHF is the weakest.

The snapshot of the strongest weakest currencies as the North American traders enter for the day has the CAD and GBP as the strongest. The CHF and JPY are the weakest. The pairs are pretty packed together today.

The CAD (oil is higher) and the GBP continue to correct after their weakness that dictated most of the activity in January. The GBP moved higher despite Retail sales weaker than expectations. The Public sector borrowing was better, however. Oft times, it is the technical attitude of the pair that dictates direction. Three days ago the attitude was bearish. Yesterday, started the recovery.

Today in the GBPUSD, the pair based against the 100 hour MA and is currently above the 200 hour MA (see chart below).This is the first break above the 200 hour MA since December 15, 2015. That was a long string of days.

Not surprising we are also seeing stocks rebound and oil higher in trading today - two other instruments that have been hammered up until the last few days. The US pre-opening has the S&P futures up 25 points and Nasdaq futures up 73 points. Oil for March delivery is about $31.

The greenback has a different mix today with the pair up against the EUR, JPY, CHF and NZD and down against the GBP, CAD and AUD.

Today the Canada retail sales and CPI will be released at 8:30 AM ET. In the US the Chicago National Activity Index will be released (not a biggie). At 10 AM the Existing Home Sales and Conference Board Leading index will be released. Later Baker Hughes Rig count and the weekly CBOT change in speculative positions end the week.