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Forex Flash: EUR/CAD with solid support on dips to the low/mid 1.35 area – TD Securities

TD Securities analysts notice the resumption of the upmove in the EUR/CAD “and a positive close today will support the impression of a sustainable bullish break out from the consolidation (flag) formation that built up over the turn of the month”. “Trend support is strong from shorter-term MAs and the DMI oscillator measures which are aligned across a range of timeframes here as well—this is a very bullish signal and implies limited downside potential and an ongoing grinding bid at least for EUR/CAD”, wrote analysts Shaun Osborne and Greg Moore, pointing to support at 1.3185 to maintain bulls in control and targeting the 1.40 area. “Expect solid support on dips to the low/mid 1.35 area now”, they added.

American equity markets pull back Wednesday

The US Stock market experienced a definitely negative opening Wednesday after the reporting of economic data earlier and in anticipation of the FOMC minutes later today at 19:00 GMT. Earlier today in the United States, Building Permits (MoM) were reported at 0.925M in January, beating estimates of only 0.915M. Meanwhile the vaunted Producer Price index ex Food and Energy (MoM and YoY) grew +0.2% in January (in line with expectations of +0.2%), and +1.8% (exceeding projections calling for only +1.6%) respectively. Finally, the Producer Price Index (MoM and YoY) climbed only +0.2% in January (slightly missing a consensus of +0.3%) and yielded +1.4% in January (consistent with projections) respectively.
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Fundamental Afternoon Wrap: GBP Pounded as EUR drops off radar and JPY simmers

The afternoon round up of institutional research has one clear theme. Don´t try to catch falling knives, and as such, don´t try to be a Cable hero. Other areas in focus are JPY which, as the markets weakest currency so far this year, is naturally obliged to be covered, and NZD where overnight the Governor indicated that the RBNZ were willing to take action. Otherwise, EUR has completely dropped off the analyst radars for now, but no doubt it will return again next week following the Italian elections.
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