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Forex Flash: EUR/CAD support at 40-day MA holding – TD Securities

The EUR/CAD has been under consolidation. "With support at the 40-day MA holding, and reinforcing the recent range low in the 1.3340/45 area, a modest squeeze up in the cross may be on the cards", wrote analysts Shaun Osborne and Greg Moore, seeing the bull trend momentum weakening, but still constructive for the EUR "and a push through the 40-day signal at 1.3464 should allow for a minor extension of the rebound towards 1.36", they added.

Forex Flash: Gilts oscillate around support at 116.11 – RBS

Recently, “gilts reached a strong resistance region of 117.00 and opened with a bearish gap, suggesting there will likely be a correction in the near term. The market left gap unfilled, as 115.57 provided a major support. There is also support expected at the 116.11 retracement. The long-term view remains quite constructive, looking for a gradual recovery to 117.50/117.80 amid bullish weekly charts; but a near-term correction to 116.11 looks increasingly likely – a sustained break below 115.57 cancels the L/T bullish view.” notes Dmytro Bondar, a Technical Markets Strategist at RBS.
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Forex Flash: USD index targets 1 month high of 83.5 – Westpac

The USD index has edged for a few weeks, however in the wake of the sharp deterioration in EZ financial conditions, and linked to that the resurgence in EZ political risk there exists a definitive threat to this trend. According to the Westpac Strategy Team, “A USD supportive event risk mosaic next week, including a likely dovish Draghi press conference, will likely minimal progress towards the formation of a governing coalition in Italy and the headlong rush into the sequester, should boost the USD yet further. Our fresh 1 month target is for a run towards 83.5, just shy of the July 2012 highs.”
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