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USD/CAD near multi-year highs

FXStreet (Córdoba) - USD/CAD rebounded at 1.1215 and turned to the upside, climbing slightly above October highs and reached at 1.1275, the highest price since March. If it breaks above 1.1277 it would be trading at levels last seen in 2009.

The Canadian dollar is the worst performer among majors during the American session. While AUD/USD and NZD/USD remained above daily lows, USD/CAD broke previous highs at 1.1255.

USD/CAD technical outlook

The pair is testing a resistance area around 1.1270/75. “At the very least, we think patterns suggest a strong barrier to USDCAD rallying to new cycle highs at the moment in the upper 1.12s—especially as short-term trend momentum signals are so slack; these sorts of environments usually favour range trading”, noted analysts from TD Securities.

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Adarsh Sinha,FX Strategist at Bank of America Merrill Lynch explained that Real rates have been the battleground for supremacy among G4 currencies since the 2008 financial crisis as we have argued in past research. 2014 has been no different.
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AUD/USD hit fresh lows

Greenback strengthened across the board during the second half of trading in Wall Street and hit fresh highs. AUD/USD broke below 0.8715 and fell to 0.8700, reaching a new daily low.
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