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Forex: USD/CAD ranges post overnight climb

By FXstreet.com,  January 07, 2013, 04:46:00 AM EDT

FXstreet.com (Barcelona) - USD/CAD has ranged through the morning session so far having climbed from its opening low at 0.9858.

The pair climbed to post a session high at 0.9884 before finding resistance at the daily pivot point at 0.9881 and ranging to finding support between the 55 and 20 hourly MA´s. Absent any scheduled fundamental cues this morning, spot looks initially content to range and hourly RSI is at 49 and moving without a directional bias. EU Investor Confidence has come in better than expected at -7 against forecasts of -15 and a previous reading of -16.8. Ahead we have EU PPI at 10:00 GMT and Canadian PPI at 15:00 GMT to complete the daily calendar. Danske analysts recommend taking a short position at 0.9884 for a target of 0.9764 and a stop at 0.9924.




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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