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Forex Flash: USD/CAD, downside risk more prominent

FXstreet.com (Barcelona) - USD/CAD has traded stagnant on Monday, with short term players having found 1.0150/80 as an area of balance since the latest fall off 1.02 supply on March 26.

According to Shaun Osborne, Chief FX Strategist at TDS, notes: "Although there has been no significant downside acceleration in spot since then, the USD has not been able to regain that upper 1.01 and we rather think downside risks remain more prominent in the next week or two at least. Bearish trending short and medium-term trend momentum suggests downside risks overall to us."

Wall Street closes lower on US data

The US stocks market has closed lower on Monday as investors were disappointing by the weak-than-expected ISM manufacturing data.
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Forex Flash: RBA to hold today but easing bias to persist - NAB

The RBA monetary policy meeting is due today at 3.30GMT. According to NAB, "while the market has been busily pricing out the likelihood of any further reduction to the rate in this cycle (8% chance of a cut today), it is worth noting that the AUD/USD has, in trade weighted terms, appreciated by some 3% since the RBA last moved rates in December."
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