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Forex Flash: EUR/CAD risk of more weakness back to the 1.30 area – TDS

FXstreet.com (Barcelona) - EUR/CAD is currently trading at 1.3204, off fresh 1-month lows at 1.3145. “Sustained losses will make it much hard to stick with the near-term bull scenario (push to 1.36) even if the market is still trading within the confines of the potential bull flag,” Toronto based FX Research Team at TD Securities note, adding: “Minor pivot support at 1.3185 is under pressure intraday, as are the short-term moving average benchmarks that usually provide a decent directional guide to the cross.”

“Sustained weakness through the close of business today will suggest the risk of more weakness back to the 1.30 area,” the analysts conclude.

Forex Flash: - We recommend selling the euro – Soc Gen

The EUR/USD had a roller coaster of a day, initially trading higher on the ECB Rate decision then reversing all gains during Mario Draghi’s press conference and closing the day down 123 pips at 1.3061
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Forex: USD/JPY shrugs off early weakness, finishes sharply higher

The USD/JPY finished the day sharply higher, up 63 pips at 97.90. Initially the pair had traded lower during the Asia session, but support at 97.00 held firm and the pair shot higher (at point as high as 98.40) after the ECB Press Conference. Economic data will be quiet this evening as Japan is closed for holiday. However, expect volatility to pick up during the US Session when the US Unemployment Data is released at 12:30GMT.
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