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Forex: USD/CAD glued to 0.9860 as risk sharpens

By FXstreet.com,  January 10, 2013, 11:43:00 AM EDT

FXstreet.com (Barcelona) - The cross is orbiting around 0.9860 on Thursday, on increasing risk-on mode. Hopes of further easing in the euro zone waned after the press conference by ECB's M.Draghi, boosting the preference for risk-associated assets.

In the data space, Canadian building permits contracted 17.9% on a monthly basis during November, while prices of new houses rose 0.1% MoM in the same period and 2.1% over the last twelve months.

USD/CAD is now losing 0.16% at 0.9861
A dip below 0.9836 (low Jan.2) would bring 0.9832 (low Dec.18) and then 0.9825 (low Dec.13).
On the upside, resistance levels line up at 0.9890 (MA10d) ahead of 0.9893 (MA21d) and finally 0.9943 (high Jan.2).




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Forex and Currencies

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