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Forex Flash: EUR/USD targets 1.2660 - UBS

The UBS analyst team informs that they open a new recommendation short EUR vs. long USD at current spot 1.3010 with a target at 1.2660. "Our stop-loss on that position is 1.32", they say. "This position should profit from increasing confidence in the US economy".

"On Thursday strong initial claims and a good stock market supported the USD. On Friday a full load of US data releases including CPI and University of Michigan consumer sentiment have the potential to do the same", UBS says.

Wall Street rallies on US jobless report

The US stocks market has closed Thursday with big gains as investors accepted the risky invitation from the better than expected Jobless claims report. Market is gaining confidence that the US recovery is on track. The DJIA rose for 10th straight day, first time since November 1996.
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Forex: USD/CAD consolidates March lows

Following a 60 pips decline from 1.0275, the USD/CAD found support at 1.0210, lowest level since February 22nd, and currently it is trading in range between 1.0215 and 1.0230. The Canadian dollar was fueled by news from a new refinery in the west coast that should propelled the Canadian national account by $1.6 billion per month.
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