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Canadian Dollar Remains Vulnerable Despite Short Term Rise

(CEP News) - The Canadian dollar has not been able to find any momentum in what has been a relatively quiet day in currency markets.Although the loonie is showing some gains against the U.S. dollar, the USD/CAD continues to trade above key resistance levels. The USD/CAD is down 0.53 cents to 1.2601 CADTyson Wright, senior FX trader at Custom House, said it appears that 1.25 CAD is going to act as the new support level and that it could take

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Canadian Dollar Cannot Hold Gains After Hitting Three-Month High Against USD

It has been a volatile day for the Canadian dollar, which hit a three-month high against the greenback earlier Thursday morning.The gains were short-lived as the greenback reversed its losses and is currently hovering around the 1.21 CAD level.George Androulidakis, director of currency trading at the National Bank of Canada, said he took a long USD/CAD position at 1.20, which has proved to be a longer-term support level. He noted that the move Thursday morning looked slightly

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Canadian Dollar Makes Gains against Greenback as Fed Buys Bonds

The Canadian dollar has made major gains against the U.S. dollar since the Fed announced that it will purchase $300 billion in longer-term Treasury bonds.The move in the Canadian dollar reflects the broad U.S. dollar weakness following the FOMC interest rate announcement. USD/CAD broke below a key support level of 1.2570 CAD and could signal further short-term weakness. The cross is trading in the mid-1.24 CAD level.Although the loonie is higher against the U.S. dollar, it is

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Canadian Dollar Shrugs off Negative Market Sentiment

According to some market strategists, some Canadian dollar buying in London is helping to boost the Canadian dollar against the greenback, Monday morning.The Canadian dollar is the second best performer against the U.S. dollar, but it is unlikely the loonie is benefiting from risk aversion sentiment, some strategists say. They pointed out that as soon as the short term flow is finished, the Canadian dollar could weaken significantly.USD/CAD traded higher overnight but hit its high during the

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Euro Holds Gains Following Smaller-Than-Expected ECB Cut

A smaller-than-expected ECB interest rate cut on Thursday morning has helped the euro move higher, but currency strategists are mixed as to whether the currency will see further gains in the short term.EUR/USD shot to session highs at 1.3493 USD following the interest rate decision and just ahead of ECB President Jean-Claude Trichet's monthly press conference. However, the gains were relatively short-lived, as markets dragged the cross back below 1.34 USD.There appears to be some hesitation in

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Bernanke Says Fed Will Give Long Term Forecasts, Has Exit Strategy

(CEP News) - The Federal Reserve will start releasing longer five- to six-year forecasts in FOMC minutes, including long-term inflation forecasts, Fed Chairman Ben Bernanke said on Wednesday.In the near term, he said there is little risk of high inflation.Speaking to the National Press Club in Washington D.C., Bernanke touted the effectiveness of unconventional measures recently taken by the Fed and also the Fed's preparedness to exit them.He said the Fed took on

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Deltastock Daily Fx Analysis

April 3, 2009Current level - 99.61A short-term bottom has been set at 87.12 and a large consolidation is unfolding since. Trading is situated between the 50- and 200-day SMA, currently projected at 94.12 and 99.36.Our first target at 100.16 was reached yesterday and the pair is in a corrective mode above 99.+, before advancing towards 100.98.Full Article

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Deltastock Daily Fx Analysis

February 27, 2009Current level - 97.61A short-term bottom has been set at 87.12 and a large consolidation is unfolding since. Trading is situated between the 50- and 200-day SMA, currently projected at 90.78 and 100.29.With yesterday's peak at 98.70 the pair has completed the uptrend from 92.62, so now the bias is neagtive for 96.31, en route to 94.64.Full Article

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Fiscal Stimulus Plans Must Have Long-Term Considerations, Says ECB's Weber

Frankfurt - European Central Bank member Axel Weber said stimulus plans must take into consideration the long-term budgetary impact.We know very well that a confidence-inspiring reaction from increasing the deficit depends first of all on fiscal room for manoeuvre, Weber said at a panel discussion in Madrid on Friday.Weber also noted persisting growth and inflation differentials within the euro zone and blamed them on inappropriate national policies.There are some parts of inflation and output growth differentials that are

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Deltastock Daily Fx Analysis

April 1, 2009Current level - 98.79A short-term bottom has been set at 87.12 and a large consolidation is unfolding since. Trading is situated between the 50- and 200-day SMA, currently projected at 94.12 and 99.36.With yesterday's break above 98.98, the road is clear for 100.16, so expect current consolidation to be limited above 97.35 before next leg upwards. Intraday bias is negative for 97.53.Full Article

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