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Forex: USD/CAD jumps above 1.0700 after unexpected jobless rate increases

Fri, Nov 6 2009, 12:13 GMT
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FXstreet.com (Barcelona) – The Canadian Dollar is declining against the Dollar in the minutes following the Unemployment rate data release with a unexpected increase in October. The USD/CAD has jumped more than 60 pips from 1.0680 ahead the data to hit intra-day high at 1.0740.

pair is continuing with its advance from 1.0630, intra-day low in the European session and it has risen around 110 pips to reach daily highs. Currently the pair is trading around 1.0700/10, trying to hold above 1.0700 level.

Canada has lost 43.000 jobs in October, a unexpected decline against the increase expected of 10.300 in October. Unemployment rate in Canada rise to 8.6% in October from 8.4% in September. Market expected a unemployment rate unchanged at 8.4.

Valeria Bednarik, FXstreet.com collaborator, comments: “Canada has just published their employment data; pretty bad in general, with 43.2K job lost instead of 10.K wins expected, while unemployment rate rose to 8.6% from 8.4%. Not a law, but U.S. data tends to come in line with this one. If data is so bad in America, could dollar rose today?”

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Trading foreign exchange on margin carries a high level of risk and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading and seek advice from an independent financial advisor if you have any doubts.

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Any opinions, news, research, analyses, prices or other information contained on this website, by FXstreet.com, its employees, partners or contributors, is provided as general market commentary and does not constitute investment advice. FXstreet.com will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.

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