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Forex Flash: EUR/USD to resume drop below 1.3000 and 1.2930 towards 1.2740 and 1.2679/61 - Commerzbank

FXstreet.com (Barcelona) - The EUR/USD has recently failed ahead of the 1.3225/50% retracement and charted a small inside day yesterday. “Current indications remain that the market will remain capped here (Elliott wave count and TD perfection set-up) and we look for the resumption of the down move”, wrote analyst Karen Jones, adding that the market has found some support at 1.3000/1.2995 and “this guards the 200 day ma at 1.2930 en route to the 1.2740 recent low”, while key support remains 1.2679/61 (61.8% Fibonacci retracement of the July-to-January rise and the November 2012 low). “Above 1.3225 will indicate a deeper retracement to 1.3340 and possibly 1.3503 (not favored)”, she concluded.

Forex: USD/CAD establishing fresh lows at 1.0231/35

The USD/CAD has operated in a rather narrow 35-pip consolidation Friday (1.0231 - 1.0266). However during European trading, the cross has bottomed out at session lows, testing support at the 1.0231/35 level, off -0.25% from its opening.
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Forex Flash: Brazil is hiking, but reluctantly - BBH

Brown Brothers Harriman analysts note that the Brazilian Central Bank decided to hike rates by 25bp last night after days (if not weeks) of shifting market expectations.
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