•  
  • New York 14:20
  • London 19:20
  • Barcelona 20:20
  • Tokyo 03:20
  • Sydney 04:20

Forex: USD/CAD finds support at 1.1235

Thu, Jun 18 2009, 16:06 GMT
http://www.fxstreet.com

Fxstreet.com (Barcelona) - The USD/CAD's decline from 1.1365 intra-day high has found support at 1.1235 in the American session after falling 130 pips since the European morning. Currently the pair is trading around 1.1270/80, yet in the negative daily field, trading 0.15% below today's opening price.

According to Anna Coulling, analyst at Master The Markets, the USD/CAD has could resume its downtrend: "Yesterday's candle to the usd to cad daily chart may have signaled an end to the recent short squeeze higher and a possible resumption of the continued move lower. Of particular interest was the high of yesterday which failed to break through the 40 day moving average which would suggest this now presents a barrier to any move higher and the bar finished with a deep upper shadow suggesting that the US Dollar bears were once again in control."

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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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