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Forex: Loonie sideways after USD rally cedes

Thu, Mar 11 2010, 19:56 GMT
http://www.fxstreet.com

FXstreet.com (London) - The USD rally across the board which ensued following the weaker US jobs data was shortlived this after, as majors all slipped back to pre-release levels. Canadian Dollar moved back into the 20 pips range it had been trading in prior, between 1.0271 and 1.0250, and indeed has slipped through the range in recent moments.

The pairs currently trades at 1.0244 and remain strongly biased to Loonie, which holds well supported by the firm oil price of late. Precise Trader, collaborators at FXstreet.com, see range trading as set to continue for the pair in this excellent report.

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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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