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Forex: USD/CAD hits fresh 8-month high

The dollar took another step higher versus the loonie and reached a fresh 8-month peak during the American session, as the CAD weakened on the back off disappointing domestic data and broad risk aversion.

USD/CAD briefly rose above the 1.0300 mark and hit a high of 1.0308, last seen Jun 29. The pair however, lost momentum and pulled back slightly to currently trade around 1.0285, still up 0.6% on the day.

If the USD/CAD manages to break decisively above the 1.0300 level, next resistances are seen at 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).

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Nomura Strategist Yujiro Goto notes that Mr Kuroda has been officially nominated BoJ leadership candidates today, as expected.
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Forex Flash: Gold rally to 1785 in the cards? – RBS

There’s been much focus about the Gold price in recent weeks since its sell off and recent devaluation of circa 13.5% since the 2012 highs. “From a much longer-term perspective there is some evidence to support that the multi-year long term bull trend is coming to an end, but the short-term picture looks to represent a good buy opportunity; between $1,523 and $1,574 is the support level that’s caught the last 3 major dips and already this week has started on a positive note since we entered the zone. Each time that this zone was entered a return rally to $1,785 occurred.” notes William Moore, a Technical Strategist at RBS.
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