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Forex: USD/CAD bounces at 1.1250 and tests 1.1300 after Canadian retail sales

Fri, Jun 19 2009, 12:56 GMT
http://www.fxstreet.com

FXstreet.com (Barcelona) - USD/CAD has bounced at 1.1250 level to rise above 1.1280 and test 1.1300 resistance fueled by a worst then expected Canadian retail sales in April. pair has rising 50 pips after the data released to the currently 1.1290/1.1300, yet 0.25% below today's opening price.

Canadian Retail sales have fallen 0.5% between March and April, worst than 0.1% decline expected and 0.2% losses posted in March. Excluding autos, retail sales have posted 0.8% decreases in April, well below of 0.3% increases posted in March and worst than 0.1% decline expected by market.

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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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