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Forex: USD/CAD above 1.0300 ahead of Canadian data

The Canadian dollar is posting meager gains against its fellow neighbor on Thursday, ahead of the Canadian external sector results and the Building Permits. Prior surveys expect a trade deficit of $600 million and permits to expand 5.3% on a monthly basis during January.

In the same tone, the CAD would be under pressure as the US trade balance figures and the weekly report on the labor market would be in the limelight.

At the moment USD/CAD is losing 0.07% at 1.0315 with the next support at 1.0301 (low Mar.1) ahead of 1.0255 (low Mar.6) and then 1.0217 (low Feb.28).
On the opposite direction, a break above 1.0337 (high Mar.6) would bring 1.0343 (2013 high Mar.1) and then 1.0363 (high Jun.28 2012).

Forex Flash: Gilts receive positive signal – RBS

According to Technical Markets Strategist Dmytro Bondar at RBS, “The price of Gilts have formed an inside session – Harami cross (although technically not perfect, as the low was below the previous one). The price action shows a rejection of the pull-back and the last candle's body within the previous one can be read as a reversal signal. Therefore, I hold my bullish stance with a caveat of a sustained break of 116.54, which, If happens, would point to the price dipping to 116.11 or even 115.75. In the long term, a pennant on a daily chart suggests there would be good chances of extending the rally to 118.37 onto 119.00. These are Fibonacci levels on a weekly continuation chart.”
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