Even though currencies went mostly sideways today, there were a couple of noteworthy developments in the pairs. USD/CAD extended its breakout to make new six-year highs and EUR/GBP made new eight-year lows. Perhaps the most interesting is gold (XAU/USD), which broke last year's low to post new five-year lows.

If the momentum picks up, the potential is to at least 1000. The big level is backed by 2008 and early 2009 highs with 76.4% retracement of the 2008 to 2011 rally coming in below. The measured target of the potential monthly wedge pattern breakout points even further to the downside, to 875.

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