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6 Mar 2013
Forex: USD/CAD retreats from highs, around 1.0310/15
The Canadian dollar is picking up pace at the moment, leaving intraday lows against the greenback in the doorsteps of 1.0340 and dragging the cross to the current area of 1.0310/15
Renewed weakness orbiting around the CAD came from a dovish statement by the BoC after leaving intact the lending benchmark at 1.0%, broadly in line with consensus. A later contraction of the Ivey PMI during February added to the bearishness.
USD/CAD is now up 0.46% at 1.0316 facing the next hurdle at 1.0343 (2013 high Mar.1) followed by 1.0363 (high Jun.28 2012).
On the flip side, a drop below 1.0255 (low Mar.6) would bring 1.0217 (low Feb.28) and finally 1.0206 (low Feb.25).
Renewed weakness orbiting around the CAD came from a dovish statement by the BoC after leaving intact the lending benchmark at 1.0%, broadly in line with consensus. A later contraction of the Ivey PMI during February added to the bearishness.
USD/CAD is now up 0.46% at 1.0316 facing the next hurdle at 1.0343 (2013 high Mar.1) followed by 1.0363 (high Jun.28 2012).
On the flip side, a drop below 1.0255 (low Mar.6) would bring 1.0217 (low Feb.28) and finally 1.0206 (low Feb.25).