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Forex: USD/CAD retraces from highs

FXstreet.com (Barcelona) - The Canadian dollar is trading in a soft tone against the greenback on Tuesday, currently navigating around the mid 1.0100s after hitting lows in the vicinity of 1.0160.

Analysts at TD Securities comments, “Fresh short-term cycle lows keeps the focus on the downside for USD/CAD in the short-term, at least… We doubt the market will have the legs to retest 1.0185 for some time. Look to sell modest USD rallies. We target a drop to 1.0080/90 near-term but losses may extend beyond that”.

The cross is now losing 0.19% at 1.0148 with the next support at 1.0125 (MA55d) ahead of 1.0102 (low Feb.19) and then 1.0055 (low Feb.18).
On the flip side, a breakout of 1.0183 (high Apr.1) would aim for 1.0192 (MA10d) and finally 1.0229 (MA21d).

Forex: GBP/JPY tests 141.00 key support

The Sterling is trading lower today against the Japanese Yen with the pair testing the 141.00 support several times after declining around 80 pips from the opening area. Currently the GBP/JPU is trading at 141.25.
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Forex Flash: GBP weakness has failed to reconcile UK imbalance – Goldman Sachs

Despite a sharply weaker exchange rate, the UK has made little progress in addressing its external imbalances. Between 2007 and 2012, Sterling’s nominal effective exchange rate fell by 20% but the UK’s trade deficit (in goods and services) was broadly stable at 2.5% of GDP and the UK’s current account deficit widened from 2.3% to 3.7% of GDP. The GBP has fallen by a further 5% in 2013 but, having observed little impact from the previous decline, there is (understandable) skepticism that the latest weakness will make much difference to the UK’s external imbalances.
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