Forex: USD/CAD rallies to 0.9930
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USD/CAD
FXstreet.com (Barcelona) - With support of the psychological level at 0.9900, the USDCAD bounced back from the weakness seen since the European morning and is extending gains as the greenback rallies against its counterparts ahead of tomorrow's major event: Fed's Bernanke speech at Jackson Hole.
As expectations of strong dovish words slim as well of further QE3, the USDCAD is at a rise and already quotes gains above 0.9912, meaning a full retracement of this week's losses . At the moment of writing, the cross trades at 0.9930 ground.
"In view of this week's sharp sell-off we have had to neutralize our short- and medium-term forecasts until such time when last week's high at 0.9948 is to be overcome", wrote Commerzbank analyst Karen Jones, considering the June, July and August downside as corrective.
As expectations of strong dovish words slim as well of further QE3, the USDCAD is at a rise and already quotes gains above 0.9912, meaning a full retracement of this week's losses . At the moment of writing, the cross trades at 0.9930 ground.
"In view of this week's sharp sell-off we have had to neutralize our short- and medium-term forecasts until such time when last week's high at 0.9948 is to be overcome", wrote Commerzbank analyst Karen Jones, considering the June, July and August downside as corrective.
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