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EUR/USD keeps the buoyancy around 1.2965/70

FXstreet.com (Barcelona) - The shared currency remains in the upper end of today’s range so far, hovering over 1.2965/70 as risk-on trade continues to prevail amongst traders.

“Rising EUR rates, stretched positioning and comments from the Fed’s Rosengren saying that it would be ‘premature’ to end the bond purchases all weighed on the dollar”, commented Frank Oland, Senior Analyst at Danske Bank. Later on in the European morning, EMU’s Economic Sentiment and Consumer Confidence are due ahead of the Italian auctions of 5-y and 10-y bonds.

EUR/USD is now advancing 0.22% at 1.2970 with the immediate resistance at 1.2998 (high May 22) followed by 1.3030 (high May 14) and finally 1.3051 (high May 10). On the flip side, a breakdown of 1.2838 (low May 29) would then target 1.2921 (low May 23) and then 1.2809 (low May 20).

USD/CAD trading negatively at 1.0342/48

The USD/CAD failed to suffer from any drastic moves following the BoC interest rate decision yesterday, however this has not stopped the pair from gradually waning Thursday.
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