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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.

With this movement, the USD/CAd broke the 1.0250 key support that was holding the pair in range between this level and the 1.0300 price.

With 0.55% losses on the day, the USD/CAD is trading inside a slightly bearish trend according to the FXstreet.com's Forex Studies. MACD, CCI and Momentum indicators are bearish while the Stochastic is bullish.

Below the 1.0210, next supports come 1.0200 and 1.0160. Resistances are at 1.0230, 1.0250 and 1.0280.

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".
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Session Recap: Euro and Pound recover ground; CAD lifted by oil

Today's wasn't a USD winning day as the European currencies have posted gains against its major rivals. The EUR/USD fell to 3-month lows at 1.2910 in the European session, but the euro retraced losses to close above the 1.3000 level. The GBP/USD finally bounced with the Pound leaving behind the 1.5000 mark and testing the 1.5100 price.
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