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Forex Flash: USD/CAD high test likely as AUD/USD upside capped - BBH

FXstreet.com (Barcelona) - Marc Chandler, Global Head of Currency Strategy at Brown Brothers Harriman notes that provided the US dollar holds above CAD 1.02, he believes that a retest on the Q1 high near CAD1.0340 is likely.

He continues to see potential from a technical (and fundamental) point of view for a move toward CAD1.05. However, for its part, the Australian dollar has fallen back out of favor. He writes, “In January and February, the Aussie was a dog, falling a nickel from $1.06. However, in March and into early April, it was among the best performing of the majors. In mid-April it was turned back from $1.06 for at least the fifth time since last August.” Chandler finishes by noting that it traded below $1.03 every day this past week, but failed to make a sustained break. The near-term risk extends toward $1.02, while the $1.04 area should contain bounces.

Commodities Brief – Gold testing 1427 resistance, crude oil falls off 89.00 mark

The yellow metal was off to a promising start Monday, peaking briefly at the 1436 level (daily maximum) at the onset of US trading. However, this proved to be the capping of an otherwise unabated uptrend today, culminating in a paring of gains down to USD $1427.13 per oz. Ultimately, a break above the 1428 resistance will open up a path towards the next upside target at 1460 handle.
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Eurostat: Eurozone public debt grew to 90.6% GDP in 2012

The Eurostat published the 2012 Government Deficit/Debt figures on Monday. According to the report, the Eurozone combined fiscal deficit amounted to 3.7% of GDP, (down from 4.2% recorded in 2011), while government debt reached 90.6% GDP (up from 87.3% in 2011).
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