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Forex: USD/CAD around 1.0160/70 ahead of Canadian GDP

FXstreet.com (Barcelona) - The cross is trading between 1.0155 and 1.0175 on Thursday in a context where the risk-on tone is prevailing amongst traders, as the events in Cyprus are smoothly playing out.

The Canadian economic activity during January is expected to expand by a marginal 0.1%, although improving December’s contraction of 02.%. Further releases in Canada comprise the Industrial Product Price (+0.4% exp.) and the Raw Material Price Index (+2.0% exp.).

At the moment, the cross is down 0.04% at 1.0162 with the next support at 1.0150 (low Mar.27) ahead of 1.0055 (low Feb.18) and then 0.9995 (high Feb.7).
On the upside, a breakout of 1.0222 (MA10d) would open the door to 1.0251 (MA21d) and finally 1.0315 (high Mar.8).

European markets up on Cypriot banks’ re-opening

The German DAX 30 (+0.50%), the French CAC 40 (+0.60%), the Italian FTSE MIB (+0.67%) and the Spanish IBEX 35 (+0.61%) are cheering the successful reopening of the Cypriot banks with capital controls in place. PD’s Bersani meeting with Italian President Napolitano will also be eyed by investors as they look for news of a coalition or new elections. Italian economic minister Grilli dismissed rumors of a possible downgrade to Italy.
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Forex: NZD/USD falls off session highs to 0.8375/76

The NZD/USD has stumbled off its intraday highs at 0.8388 in recent minutes, whereby resistance kicked in and left the pair erasing its gains. Having eased to 0.8375/76 in these moments, the cross is recording an advance of +0.10% still.
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