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Forex: USD/CAD challenges session highs, around 1.0020

After flirting for a few moments with the parity level, the Canadian dollar is now resuming its weakness against the buck, trading close to session highs around 1.0020 on Wednesday.

In the view of the research team at TD Securities, “Narrow range trading so far has attracted decent support in the par area. Short-term trend momentum signals are sliding deeper into neutral territory, suggesting a range trade playing out rather than a decisive move. We think 0.9990/00 holds for the moment”.

As of writing, USD/CAD is trading flat at 1.0019 with the next resistance at 1.0044 (high Feb.13) ahead of 1.0088 (high Feb.12) and finally 1.0090 (Upper Bollinger).
On the flip side, a breach of 0.9995 (MA10d) would expose 0.9992 (MA200d) and then 0.9991 (MA21d).

Forex: EUR/JPY briefly dips below 124.00

The euro extended losses versus the yen and briefly dipped below the 124.00 mark after a G20 draft was published and showed members pledged to refrain from competitive devaluation.
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