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EURCHF Surges Higher on Stimulus Hopes
The euro climbed to an 11-week high against the Swiss franc after the European Commission proposed a 750 billion euro recovery plan. Optimism grows as the EU’s 27 nations are expected to settle their differences and seal the deal in the coming weeks. Should everything go smoothly from now on, confidence in the single currency could be restored.
With Swiss franc long positions near a four-year high according to CFTC data, EURCHF’s short-covering could trigger a rapid ascent. 1.7100 from last March is the immediate resistance.
On the downside, 1.0580 around the 30-day moving average is a key support to the rebound.
USDCAD Heads Lower Ahead of BoC Meeting
The US dollar has broken below its near two-month consolidation range as its Canadian counterpart rallied across the board. The V-shaped recovery in the oil markets which has reached a 5-week high has offered strong support to the loonie.
The Bank of Canada is expected to keep its policy interest...
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