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Forex Flash: AUD/CAD could see slip on RBA – Westpac

FXstreet.com (Barcelona) - The Bank of Canada’s lack of urgency to tighten policy has contrasted with a sharp reduction in market pricing for RBA easing to help produce one year highs above 1.0600. According to Global FX Strategist Sean Callow at Westpac, “Momentum could extend to near the 1.0700 region, but this is likely to be short-lived, with CAD short positioning extreme and RBA pricing more likely to move towards -25bp than zero. This should see the AUD/CAD slip back to 1.0400 multi-week.”

Moreover, the AUD/CAD is of course trading well clear of major moving averages after the recent bounce. The February 2012 highs around 1.0780 are obviously very strong resistance should the rally continue.

Forex: EUR/USD held above 1.3060 after load of US data

The EUR/USD pulled back from the 1.3100 ground as the NY session got ready to open, finding support at 1.3060 zone (spike low to 1.3046). The pair is now moving up a bit, to 1.3075 area as the market looks for headlines coming from the EU Summit. The economic calendar is empty.
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Forex: AUD/USD jumps above 1.0400

Following a consolidator period between 1.0360 and 1.0385, the AUD/USD has jumped around 50 pips to break the top of the range and rise above the 1.0400 resistance to trade at the highest level since February 5 at 100410. Currently the pair is trading at 1.0405.
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