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Forex: USD/CAD testing positive territory at 1.0022/28

The USD/CAD has traded in a very narrow consolidation Wednesday, ranging between 1.0012 and 1.0045. During American trading, the cross has moved unevenly, returning to opening levels at 1.0022/28 as it is attempting to make a return into positive territory. Concerning the CAD, the price of crude continues to hold recent gains, as it is now operating at USD $97.42.

According to Mark De La Paz, an Analyst at FX Instructor, “The market bias for the USD/CAD is strictly bearish with prices under a strong support level at 1.0043 the Pivot Point. Given that the Bullish Harami is a low level bullish reversal pattern, it is necessary to look for a close above the strong resistance first before taking action.”

Earlier today in the United States, Retail Sales (MoM) rose +0.1% in January, against expectations of +0.1% and down from +0.5% previously. In addition, Retail Sales ex Autos (MoM) reported a figure of +0.2% in January, exceeding a consensus of only +0.1%. Meanwhile, the EIA Crude Oil Stocks change (February 8) yielded a result of only 0.56M, against expectations of 2.4M.

De La Paz identifies the next means of resistance at 1.0043 onto 1.0065, and finally 1.0109. Conversely, a prolonged plunge below the 0.9999 barrier will trigger supportive measures at 0.9976 and eventually 0.9932.

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Forex Flash: President Obama outlines goals for second term – Deutsche Bank

In the United States, President Obama's State of the Union speech laid out his agenda for his second term, with plenty of focus on "reigniting" the economy, reforming the tax code, reviving the middleclass and also gun control. The president called for raising the minimum wage to $9 from $7.25 and also urged Congress to approve a $50 billion "Fix It First" program of infrastructure improvements.
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