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Forex: AUD/USD erases intraday losses

After falling to a daily low of 1.0235 in the wake of disappoint Chinese imports, the Aussie dollar managed to bounce and trimmed losses against the greenback during the European session on better sentiment.

The recovery of the AUD/USD however, has been capped by the 1.0265 zone, leaving the pair confined to a phase of consolidation as investors refrain from taking positions ahead of the US jobs report.

At time of writing, AUD/USD is trading around 1.0260, virtually unchanged since opening. As for technical levels, immediate supports could be found at 1.0235 (intraday low), followed by 1.0220 (yesterday's low) and 1.0200 (psychological level), while to the upside, next resistances are seen at 1.0290 (Feb 28/yesterday's highs), and 1.0300.

Fundamental Morning Wrap: Draghi plays chicken for structural reform as NFP climb expected

This mornings institutional reports have an understandable dual focus on both yesterday´s ECB meet and today´s NFP numbers. The feeling is that in Europe, policy is in a limbo while the Bank remains more focused on encouraging structural reforms through a lack of easing. In the US, the feeling is that today´s numbers will be encouraging, although a slither of caution can be found, warning against expecting too much just yet.
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Forex: USD/CAD holds above 1.0300

The USD/CAD has been trading off its European highs (1.0316) Friday, ahead of some pivotal data releases later today during the US session. Though easing slightly, the pair is now trading at 1.0305/07, holding in positive territory.
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