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Forex: USD/CAD: EIA crude stocks could spark "massive sell-off" - deltastock

Wed, Mar 10 2010, 12:54 GMT
http://www.fxstreet.com

FXsteet.com (Barcelona) - The USD/CAD has fallen 40 pips from a daily high at 1.0290 to hit a daily low under 1.0250 ahead of the release of the weekly US EIA crude oil stocks at 15:30 GMT.

César Leiceaga, analyst of deltastock, says that the pair is set for a "massive sell-off" if the "data is bullish for oil".

Otherwise, the "long-term bias for the USD/CAD remains neutral, trapped in a wide range between 1,0250 and 1,0750," he says while signaling the 1.0200 support zone as key to further declines.

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