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Forex: USD/CAD in highs around parity

The Canadian dollar is losing ground against the greenback on Friday, currently pushing the cross to the vicinity of the parity level, despite the prevailing risk-on mode.

The research team at TD Securities argues “Consolidation is apparent on the daily chart as well. This week’s correction lower has retraced 50% of the 0.98/1.01 move up… The daily trend momentum oscillator is just about holding a bullish stance and we remain broadly positive on USD/CAD’s outlook… We look for a move to 1.02/1.03 in the next few weeks”.

At the moment, the cross is up 0.23% at 0.9995 with the next resistance at 1.0081 (Upper Bollinger) and then 1.0101 (high Jan.25).
On the flip side, a breakdown of 0.9957 (low Jan.31) would bring 0.9927 (MA21d).

Forex: EUR/USD nears 1.3700 after impressive bounce

After a short-lived dip to the 1.3585 zone, the EUR/USD bounces sharply and managed to break above the 1.3675 area to hit a fresh 14-month high of 1.3696 as investors saw the latest fall as a buying opportunity.
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Forex Flash: Trade-weighted exchange index explains EUR/USD –Goldman Sachs

The Euro’s exchange rate against the US Dollar reached a 13-month high at the end of January 2013, achieving a level of USD 1.3570. This local peak needs to be placed in perspective: since its inception in January 1999, the Dollar value of the Euro has ranged from 0.82 to 1.60.
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