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Forex Trading Alert: USD/CAD – At Key Support Lines
June 26, 2014, 5:04 PMToday, the U.S. dollar declined to a fresh five-and-a-half month low against its Canadian counterpart as yesterday’s disappointing U.S. gross domestic product data continued to weigh. With this downswing USD/CAD dropped to key support lines. Will they withstand the selling pressure?
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Forex Trading Alert: GBP/USD – Currency Bears Do Not Give Up
June 25, 2014, 7:20 AMToday, sterling extended losses from the previous session as yesterday’s Bank of England Governor testimony and better-than-expected consumer confidence and housing data still support the greenback. In this way, GBP/USD declined to its lowest level since June 18. Will it drop to 1.6900 in the near future?
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Forex Trading Alert: GBP/USD – Another Fakeout
June 24, 2014, 12:41 PMEarlier today, the British pound declined sharply against the greenback after Bank of England Governor Mark Carney testimony. Later in the day, sterling extended losses after data showed that Conference Board consumer confidence index jumped to 85.2 this month from 83.0 in May (it’s worth noting that this was the highest reading since January 2008), while the number of new home sales also rose to a six-year high, increasing 18.6% in May ( the highest level since May 2008 and the largest monthly increase since January 1992). These strong bullish numbers boosted the U.S. dollar and triggered a sharp decline in the GBP/USD pair. Where could the exchange rate drop after another fakeout?
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Forex Trading Alert: USD/CAD - More Weakness on the Way?
June 23, 2014, 2:45 PMEarlier today, the U.S. dollar declined to a fresh five-and-a-half month low against its Canadian counterpart as upbeat Canadian data on inflation and retail sales released on Friday continued to weigh. As a result USD/CAD declined below the 50% Fibonacci retracement, approaching an important long-term support line. Will it manage to trigger a corrective upswing in the near future?
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Forex Trading Alert: What’s Next for Major Currencies Against the Dollar?
June 20, 2014, 1:04 PMEarlier today, the data showed that retail sales in Canada rose 1.1% in April, beating expectations for a 0.4% gain. Additionally, core retail sales, without automobiles, increased by 0.7% in April, while analysts had expected a 0.4% rise. A separate report showed that CPI in Canada rose 0.5% in May, above expectations for a 0.2% gain. On top of that, core consumer price inflation, without the eight most volatile items, increased 0.5% in the previous month, beating expectations for a 0.2% gain. As a result, the U.S. dollar declined to a five-and-a-half-month low against its Canadian counterpart. What happened at the same time with other major currency pairs? Did their short-term outlook change since the beginning of the week?
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