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Forex: EUR/USD digests ECB's Draghi

The EUR/USD is trading quite flat around the weekly opening price of 1.3350, although trading in a very tight range on Monday. A fall as been seen around 14:30 GMT as ECB President Mario Draghi gave a speech before the European Parliament. He said the central bank's stance is accomodative and that the exchange rate, while not a policy target, it is important for growth and price stability. Eurozone weakness is expected to continue throughout 2013.

The EUR/USD found its session low at 1.3333 and bounced back to its opening price. Volume is low and the economic calendar is empty. The US is out on holidays.

"n the 4 hours chart, technical readings remain in negative territory, while 20 SMA offers dynamic resistance around 1.3378 also daily high: unless a clear candle opening above this last, the upside continues seen limited, while short term buyers are still defending the 1.3300/10 area", wrote FXstreet.com independent analyst Valeria Bednarik.

Forex: USD/CAD eyes 2013 high

The US dollar strengthened versus the loonie and pushed higher to hit a fresh 1-month high of 1.0090 in recent dealings. USD/CAD bounced from a low of 1.0055 during the American morning and managed to surpass last week's high of 1.0085.
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Forex Flash: EUR/USD to target 1.3000 in three-month window – UBS

Alongside the current account data, the ECB is also due to release December's portfolio flow data today. The creation of the ECB's OMT program has had a stabilizing effect on sovereign bond markets, which triggered a return of exiled capital in November. In fact portfolio inflows are now much larger than those associated with the current account surplus. We expect this pattern to continue in December as memories of the crisis fade a little further.
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