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Forex: USD/CAD advances after US, Canadian data

The dollar strengthened against its Canadian counterpart, underpinned by the latest string of Canada and US data. The key Canadian release was the current account report for the fourth quarter, which showed that deficit widened more than expected to C$17.26 billion.

USD/CAD broke above previous daily highs at the 1.0250 area, and stretched toward a fresh high of 1.0279 in recent dealings. At time of writing, the cross is quoting around 1.0275, still up 0.5% on the day.

In terms of technical levels, immediate resistances are seen at 1.0300 (psychological level), 1.0340 (Jun 29 high) and 1.0360 (Jun 28 high). On the other hand supports could be found at 1.0215 (intraday low), 1.0200 (psychological level), and 1.0185 (10-day SMA).

Forex Flash: EUR/USD rallies as selling opportunities while Italy is paused – TD Securities

According to TD Securities analysts, Fed Chairman Bernanke’s reassurances in QE have eased concerns that policy stimulus might taper off sooner rather than later. Also, there are hopes that the major Italian parties might be able to form a “grand coalition”, hence the stronger day for global equity markets.
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Forex: Claims beneath 350,000 means a lower unemployment rate ahead - Miller Tabak

Jobless claims fell by 22K to 344K in the Feb 24 week, more than the 6K decline expected to 360K from previous week figures of 366K. The Key 4-week moving average eased by 6K to 355K. At the same time, Continuing Jobless claims declined to 3.074.000 in the Feb 17 week, the lowest since June 2008.
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