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6 Feb 2013
Forex: USD/CAD in session highs around 0.9980
The Canadian dollar is losing ground against its neighbour on Wednesday, ahead of the release of the Ivey PMI for the month of January. Prior surveys expect the indicator to raise to 53.2 vs. previous 52.8
After the last peaks in the vicinity of 1.0100, the cross retreated to the area around 0.9975/80, where it continues to stabilize, against a contrast of increasing aversion.
At the moment, the pair is up 0.20% at 0.9976 facing the next hurdle at 1.0003 (MA10d) ahead of 1.0088 (Upper Bollinger) and finally 1.0101 (double highs Jan.25/28).
On the flip side, a violation of 0.9948 (low Feb.4) would clear the way to 0.9941 (MA21d) and then 0.9924 (61.8% of 0.9815-1.0101).
After the last peaks in the vicinity of 1.0100, the cross retreated to the area around 0.9975/80, where it continues to stabilize, against a contrast of increasing aversion.
At the moment, the pair is up 0.20% at 0.9976 facing the next hurdle at 1.0003 (MA10d) ahead of 1.0088 (Upper Bollinger) and finally 1.0101 (double highs Jan.25/28).
On the flip side, a violation of 0.9948 (low Feb.4) would clear the way to 0.9941 (MA21d) and then 0.9924 (61.8% of 0.9815-1.0101).