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Forex: USD/CAD hovering over 1.0075/80

FXstreet.com (Barcelona) - The ongoing USD rally is alleviating the late selling pressure that was surrounding the cross, lifting the USD/CAD from the vicinity of the parity level on Thursday to the key resistance at 1.0100 during the European morning.

In light of the upcoming employment figures in the Canadian economy, Global Strategist Tim Davis at TD Securities commented, “While several sectors in both the goods and service producing industries posted outsized declines in March and are therefore due for a rebound, the wider backdrop of subdued economic growth and elevated uncertainty should limit the overall pace of hiring”.

The pair is now advancing 0.08% at 1.0076 facing the next hurdle at 1.01100 (high May 10) ahead of 1.0132 (high May 3) and then 1.0155 (MA21d).
On the flip side, a breakdown of 1.0064 (low May 10) would clear the way to 1.0014 (low May 9) and finally 0.9995 (high Feb.5).

Gold tumbles to $1435.00

The price of gold has taken a hit Friday, as the yellow metal is under siege from the USDIX ahead of US trading. Earlier, the greenback rose against a basket of major currencies as indicated by the dollar index to trade at 83.02, compared with the session’s opening of 82.83. The USDIX has so far recorded an intraday high of 83.13 and a low of 82.77. After trading in the heights of 1460s, the price of gold is now recording fresh lows of USD $1435/37 per oz.
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Session Recap: USD continues to shine

The US dollar has continued to strengthen versus most competitors on Friday, after staging an impressive rally during the last New York session, which was fuelled by the USD/JPY breaking decisively above the 100.00 mark. The cross has gone as high as 101.73, its highest in 4 ½ years.
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