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20 Jun 2016

GBP/JPY surges past 153.00 handle

The GBP/JPY cross extended its sharp ‘Bremain’ led up-surge to 153.50 before retracing a bit to currently trade just above 153.00 mark. 

Having touched its lowest level since March 2013 in the previous week, a sudden turnaround in the sentiment surrounding Brexit, following the killing of pro-EU MP Jo Cox, has assisted the pair to stage a remarkable recovery of over 800-pips in less than three trading sessions.

Outcome of the latest opinion polls for the upcoming UK-EU referendum over the weekend showed rising support for the 'Remain' camp and provided the initial boost for the cross. Adding to it, gap-up opening forced traders to rush towards unwinding their bearish GBP bets, triggering further up-surge for the GBP/JPY cross.

Technical levels to watch

On the immediate upside, resistance is pegged near 153.60-70 area, above which momentum could lift the pair beyond 155.00 psychological mark, towards 20-day SMA resistance around 155.50-60 region. Intermediate resistance is seen around 154.00 round figure mark.

On the downside, 152.60-50 now seems to provide immediate support, below which the pair could drift back to an important support near 151.55-50 zone.

Jun 20, 2016

Canada Wholesale Sales (MoM) below forecasts (0.5%) in April: Actual (0.1%)

Canada Wholesale Sales (MoM) below forecasts (0.5%) in April: Actual (0.1%)
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Jun 20, 2016

USD/CAD finds support near 1.2800

The greenback remains on the defensive at the beginning of the week, with USD/CAD posting moderate losses in the vicinity of the 1.2800 handle. USD/C
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