Monday, March 1, 2010

Canadian dollar was supported by economic data

Data from Canada were very positive for the national currency, which is against the background of news about GDP growth in the fourth quarter by 5.0% against the forecast of +4.2% dramatically strengthened its position. U.S. / Canada is ahead of release began to decline from intraday highs near C $ 1.0570, after news of sale has increased, and to date, couple, breaking the bids of about C $ 1.0520 and in the C $ 1.0490, subsided to fresh lows near C $ 1.0475. Dealers noted that interest in buying the remains up to C $ 1.0470, but recall that sentiment remains negative, and short-term technical signals imply a threat of further reduction of the original pair to C $ 1.0450/40, and C $ 1.0410/00, and possibly to support at C $ 1.0370 / 60.

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