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Forex: USD/CAD falls to a 2-week low

Tue, Nov 10 2009, 22:33 GMT
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FXstreet.com (Córdoba) – The Canadian Dollar rose sharply for the second day in a row against Greenback. USD/CAD tumbled to 1.0480 posting a fresh 2-week. Currently trades at 1.4930/35 near the lows of the day.

On the downside the next support lies at 1.0450 (Oct 23 low) and below at 1.0375. To the upside, resistance could be located at 1.0540 and above at 1.0600.

The pair has fallen more than 250 pips in the last two days, helped by the rise in stocks and crude oil prices.

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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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