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Forex Flash: USD/CAD should be limited by high 1.01/low 1.02 - TDS

FXstreet.com (Barcelona) - The double topside rejection at 1.0340 and the loss of short-term support and the double top neckline trigger at 1.0257 clearly puts a softer spin on the charts for USD/CAD, says Shaun Osborne, Chief FX Strategist at TD Securities.

Shaun adds: "Trend momentum has turned negative on the short-term term studies, suggesting limited scope for USD/CAD gains at the moment. But downside scope may also be limited. We think that USD/CAD losses from current levels should be limited and that the high 1.01/low 1.02 zone should provide a firm base for the USD in the near-term at least."

Forex: EUR/JPY limited below 124.00 and 50% Fibo

EUR/JPY is last at 123.44, off yesterday's fresh 7-day lows at 121.55, following news on Cyprus bail-out, that would imply a levy on bank depositors, a measure markets in general didn't like as risk of contagion might spread across EZ periphery troubled countries as possible next targets. The cross printed an intraday double low around the mentioned lows level and recovered circa 50% Fibo retrace of latest leg down 126/121.5 at 123.80, printing weekly highs so far at 123.95, still unable to fill the weekly opening gap.
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Forex: AUD/USD closes the gap at 1.0410 ahead of RBA minutes

Just as RBA Debelle has finished his speech and he is answering the round of questions, and about 90 minutes away from RBA minutes while Lowe is giving his own speech, AUD/USD sits around 1.0396 last, off daily highs at 1.0410 printed in early NY trade, closing the initial weekly opening gap from yesterday. The pair opened yesterday following Cyprus bail-out news going straight to fresh weekly lows at 1.0341, recovering from there ever since.
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