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Forex Flash: USD/CAD selling on rallies through the upper 1.01 area – TD Securities

FXstreet.com (Barcelona) - TD Securities analysts “still rather think the CAD can fight back a little more at least against the strengthening in the USD seen since the start of the year”, wrote analyst Shaun Osborne and Greg Moore, observing that short-term Canada-US spreads have steadied in the past week or so, and that the next round of top flight domestic data—Canadian trade and employment data are released Friday—may perhaps determine whether the CAD can improve much more from here. The USD/CAD is currently unable to really regain 1.0180 since losing that support point last week and trading below the 40-day MA. “We still think the market will be inclined to sell USD rallies through the upper 1.01 area for the moment and that a deeper retracement of this year’s USD rally—getting the USD back closer to 1.00 perhaps—beckons”, they added.

American equity markets open negative after Holiday weekend

The US Stock gave back some of recent weeks gains Monday, following a very soft opening. In the United States, ISM Manufacturing PMI (March) came in at 51.3, missing expectations of 54.1 In addition, Construction Spending (MoM) grew by +1.2% in February, beating estimates of only +1.0%. Finally, ISM Prices Paid (March) recorded a figure of 54.5, relative to projections calling for 59.8.
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Forex: GBP/USD peaks at 1.5241 on US session

Biased to the biased today and finding support at 1.5180 area, the GBP/USD had a strong push higher after the release of US data. The March Manufacturing PMI by ISM fell from 54.2 to 51.3, much lower than the market consensus of 54.1. ISM Prices Paid fell from 61.5 to 54.5, also below expectations (59.8). The US construction spending beat consensus at 1.0% by rising 1.2% in February. In January, data had dropped by -2.1%. US March manufacturing PMI by Markit rose from 54.3 to 54.6, disappointing investors looking for a figure at 54.9.
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