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Forex: USD/CAD recovers from 1.0185 and jumps above 1.0220

FXstreet.com (San Francisco) - The Greenback is currently trading higher against its Canadian counterpart after bouncing from 10-day lows at 1.0185 to jumps above 1.0200 and reach the 1.0225 level. At this moment the USD/CAD is trading at 1.0220.

Still 0.16% down on the day, the USD/CAD remains strongly bearish according to the FXstreet.com Forex Studies. MACD, CCI and Momentum indicators are bearish while the Stochastic is neutral un the 1-hoour chart.

Next resistances are at 1.0230, 1.0250 and 1.0265. Supports are at 1.0180, 1.0160 and 1.0150.

Forex Flash: AUD strategy profile – Westpac

Base metals prices continue to test lows since November, along with continued pressure on iron ore and coal, which have all affected the AUD/USD. However, according to Global FX Strategist Sean Callow at Westpac, “ This seems more a reason to sell into AUD and NZD bounces than to be too bearish vs. the USD where ranges are creeping higher. If European turmoil can be limited, 1.0350-1.0500 should contain trade in a short week.”
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Forex Flash: Buy Deutsche Börse and ICAP despite FTT – Merrill Lynch

Merrill Lynch analysts believe that the proposed European Financial Transactions Tax (“FTT”) is likely to undermine economic growth and investment returns due to the counterproductive implications of the tax going ahead in its current. “Our view is that the FTT may look like a simple toll on financial transactions. However, its structural features, which are very different from existing transaction taxes, make it a significant potential roadblock for the economies of the eleven participant nations”, they wrote, adding that if their view of the FTT is proved wrong, “all the volume sensitive stocks we cover could see very material hits to earnings”.
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