Forex: USD/CAD retracing early losses
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USD/CAD
FXstreet.com (Barcelona) - The USDCAD has already retraced more than half of the November/December decline from 1.0057 high to 0.9825 low. Last Friday, the cross didn't climb enough to return to parity level, closing at 0.9970.
This week is starting weaker, but after a low at 0.9932 ahead of the European session, the USDCAD bounced back above 0.9950. According to the CFTC Commitment of Traders Report, there was evident liquidation pressure in the high-beta, or commodity, currencies, pointing to reduced net CAD longs to 63.3k contracts (74.3k last).
UBS analysts are neutral: "There is potential for extension of the recovery to strong resistance area at 1.0018/57", wrote analyst Gareth Berry, pointing to support at 0.9904.
This week is starting weaker, but after a low at 0.9932 ahead of the European session, the USDCAD bounced back above 0.9950. According to the CFTC Commitment of Traders Report, there was evident liquidation pressure in the high-beta, or commodity, currencies, pointing to reduced net CAD longs to 63.3k contracts (74.3k last).
UBS analysts are neutral: "There is potential for extension of the recovery to strong resistance area at 1.0018/57", wrote analyst Gareth Berry, pointing to support at 0.9904.
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