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Forex: USD/CAD holds downside at 1.0220

FXstreet.com (Barcelona) - The USD/CAD weakened to as low as 1.0220 on expectations of a possible deal between Cyprus and the Eurozone for a bailout that satisfies both sides. Helping such mood were comments from the Cypriot ruling party suggesting confidence that it will happen within the next hours. Since the low at 1.0220, the cross has been bouncing, retracing its losses towards 1.0248.

The economic calendar is empty. On the side of Canada, yesterday’s budget news didn’t anything to the pic-ture but did reaffirm Canada’s solid AAA credentials. Such credit is becoming a rare commodity in current days.

“We still rather think that the set-up on the hourly/6-hourly charts is a bit more bullish though—potential in-verse H&S continuation pattern, with good support emerging this week on the dip to retracement support at 1.0180/85”, wrote TD Securities analysts Shaun Osborne and Greg Moore, pointing to more upside above 1.0275/80.

Commodities Brief – Precious metals in flux as potential Cypriot bailout eyed, silver recovery stalls at 28.80

The yellow metal was dealt a minor setback earlier as events in Cyprus and an overall optimism towards a bailout for the beleaguered country reached new heights Friday. With the ECB and others carefully watching in the next few hours for any developments, gold prices fell to the 1605 level, which proved to be the bottoming out region today. Prices have subsequently inched higher after the US open to trade presently at USD $1608.40 per oz. A weekly close at the 1610 level would reiterate confidence and signal another weekly close in the positive after last week.
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Forex Flash: A deal can still be made on Cyprus - Societe Generale

Sebastien Galy, Senior FX Strategist at Societe Generale believes that a deal can still be made on Cyprus, and that may lead to a relief risk rally.
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