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Forex: USD/CAD flat around 1.0115/20

FXstreet.com (Barcelona) - The Canadian dollar is almost unchanged against its neighbour on Tuesday around 1.0115/20 ahead of the GDP figures for the month of February. Prior surveys expect the Canadian economic activity to have expanded 0.2% on a monthly basis, matching January’s result.

Against the backdrop of the GDP release, Strategist Jacqui Douglas at TD Securities commented, “A robust increase in hours worked (mostly within the services sector) and in manufacturing output is expected to underpin the forecasted increase, but outside of this, the tone should be softer with weak exports outside of the auto sector, infrastructure limitations in the oil and gas sector, and poor weather limiting construction”.

USD/CAD is now up 0.02% at 1.0116 with the next resistance at 1.0171 (high Apr.29) ahead of 1.0187 (MA21d) and finally 1.0214 (high Apr.26).
On the flip side, a breakdown of 1.0084 (low Apr.11) would expose 1.0078 (MA100d) en route to 1.0055 (low Feb.18).

Forex: USD/JPY bounces after retesting yesterday’s low at 97.36

Ever since the 98.12 high printed after Japan’s economic indicators being released, the USD/JPY engaged in a downside momentum that could only find a stop in mid-European morning by reaching the yesterday’s low of 97.36. Then, the pair bounced to 97.60 and is currently quoting around 97.50.
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Forex: GBP/USD loses 1.5500 handle

The GBP/USD printed its highest price of the day at 1.5518 in mid-London morning, but the pair rapidly inverted its direction and fell through the 1.5500 handle to trade around 1.5475. Worthy of note is yesterday’s narrow trade and Doji candle following last week’s upside from 1.5200 that was kept from closing above 1.5500.
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