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Forex Flash: The Euro and risk are bouncing in hope that Italy can deliver a Gov - Societe Generale

Kit Juckes, Global head of Currency Strategy at Societe Generale notes that all we know about the Italian elections so far is that the turnout appears to be low for the first day of voting.

Further, he comments on a sense that Mr Berlusconi isn't polling very well, but in the absence of any opinion polls, this remains just speculation. Juckes writes, “We will get exit polls in mid-afternoon. The market reaction is short-covering, for both BTRPs and the Euro. A Monti/Bersani partnership is the most positive of the realistic outcomes and probably what the market is now positioned for. An inconclusive result (possibly due to a strong showing by the 5-star movement of Beppe Grillo) would be negative.”

Forex: USD/CAD keeps a tight range around 1.0230

The Canadian dollar is posting meagre gains on Monday, trading in a narrow range between 1.0220 y 1.0240, as the US dollar upside is taking a breather after last week’s strong gains...
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Forex Flash: USD is downtrend against CAD - BBH

Marc Chandler, Global Head of Currency Strategy at Brown Brothers Harriman notes that USD has moved above a down trendline against the Canadian dollar going back to the 2011 high near CAD1.0660.
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