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Forex: USD/CAD in session highs, eyes on 1.0140

The Canadian dollar is extending its decline against the greenback on Wednesday, as investors are accelerating their exodus from high beta currencies and commodity-associated ones favouring safe havens.

There is no Canadian docket today, although traders would be watching closely the US housing data and producer prices ahead of the FOMC minutes.

USD/CAD is now up 0.21% at 1.136 facing the next resistance at the psychological level at 1.0200 followed by 1.0232 (high Jul.25) and then 1.0251 (high Jul.12).
On the flip side, a drop beyond 1.0101 (high Jan.25/28) would expose 1.0055 (low Feb.18) and finally 1.0052 (MA10d).

Gold prices breach $1600 for first time since August

Gold prices have recently fallen off during the late morning of European trading, after a failure to stabilize at the 1606 region has led to a steep selloff that took the yellow metal below the 1600 barrier for the first time since mid August 2012. At the time of writing, Gold is trading at USD $1592.35 per oz Wednesday, well below its 20, 50, and 200-day SMA
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Forex Flash: GBP/AUD could push to 1.5150 on RBA – Westpac

According to the Westpac Analyst Team, “The GBP/AUD has hit the 1.4925-1.5050 target and is probably due for at least stabilization, perhaps a push to 1.5150 so long as the RBA continues to threaten further easing and with sterling perhaps a little oversold. Trade above 1.5400 would probably require the RBA to indicate it will cut rates further than already priced in.”
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