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Forex: USD/CAD finds support at overnight low

FXstreet.com (Barcelona) - USD/CAD has continued in its downtrend since late April overnight and posted a low at 1.0016, just above the psychologically important parity level.

The pushed lower to post a low at 1.0016 overnight before edging higher into the European open, but has since pushed lower to find support at the same level, despite posting a fractionally lower low one pip below. Currently daily S1 support lies at 1.0009 and hourly MA´s are showing downside momentum across the range. Hourly Stochastics are mid range at 39, while RSI is ranging at 34.

Asian stock markets pullback after Chinese inflation

Asian stocks pulled back Thursday, as Chinese data showed higher inflation – indeed, CPI (MoM and YoY) came in at +0.2% (vs. a consensus of +0.1%) and +2.4% (against expectations of +2.3%) respectively in the month of April.
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Commodities Brief – Precious metals ease slightly ahead of BoE, crude oil holds above 96.00 barrier

Gold prices faced intraday weakness again, following a slight weakness below the 1456 Gold prices have been spared a sweeping movement thus far Thursday, ahead of the BoE decision later today at 11:00 GMT. After recording early gains at the 1474 level, the yellow metal has retreated slightly and eased back to USD $1470.22 per oz. in these moments. Gold ultimately maintains the rebound after testing the bottom of sideways range at 1440.00 support, approaching the top of the range near 1485.00. A breakout of this range should signal the next potential short-term direction.
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