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28 Mar 2013
Forex: USD/CAD around 1.0160/70 ahead of Canadian GDP
FXstreet.com (Barcelona) - The cross is trading between 1.0155 and 1.0175 on Thursday in a context where the risk-on tone is prevailing amongst traders, as the events in Cyprus are smoothly playing out.
The Canadian economic activity during January is expected to expand by a marginal 0.1%, although improving December’s contraction of 02.%. Further releases in Canada comprise the Industrial Product Price (+0.4% exp.) and the Raw Material Price Index (+2.0% exp.).
At the moment, the cross is down 0.04% at 1.0162 with the next support at 1.0150 (low Mar.27) ahead of 1.0055 (low Feb.18) and then 0.9995 (high Feb.7).
On the upside, a breakout of 1.0222 (MA10d) would open the door to 1.0251 (MA21d) and finally 1.0315 (high Mar.8).
The Canadian economic activity during January is expected to expand by a marginal 0.1%, although improving December’s contraction of 02.%. Further releases in Canada comprise the Industrial Product Price (+0.4% exp.) and the Raw Material Price Index (+2.0% exp.).
At the moment, the cross is down 0.04% at 1.0162 with the next support at 1.0150 (low Mar.27) ahead of 1.0055 (low Feb.18) and then 0.9995 (high Feb.7).
On the upside, a breakout of 1.0222 (MA10d) would open the door to 1.0251 (MA21d) and finally 1.0315 (high Mar.8).