Forex News – The USD/CAD bounces back from multi-year low as risk appetite declines

Added: (Mon Apr 04 2011)

Pressbox (Press Release) - On Monday the U.S. dollar ricocheted from a multi-year low against its Canadian counterpart, as risk appetite appeared to diminish, taking away demand for riskier assets

InvestTechFX reports that the USD/CAD climbed back up from 0.9616, the pair’s lowest since November 14, 2007 to hit the mark of 0.9665 during the early U.S. trading session, increasing 0.33%. The pair was likely to find support at 0.9616, the day’s low and a multi-year low and resistance at 0.9705, Friday’s high. InvestTechFX is a No Dealing Desk (NDD) and Straight Through Processing (STP) Forex company offering an industry leading ˝ pip on all 6 majors while trading with the MT4 platform. InvestTechFX recently reduced their fixed spreads from 0.5 PIP to 0.2 PIP for 3 majors. When customers open an account with a deposit of $5000.00 they can receive leverage of up to 1:500.

Also earlier in the trading day, the commodity linked Canadian dollar accelerated with oil prices remaining well supported as increasing clashes in Libya spread fears over continuing interruptions to supplies.

The Canadian dollar was also improved by anticipation for possible currency inflows after a weekend bid by China Minmetals Corporation for Canada’s Equinox Minerals, which is worth an excess of CAD 6 billion.

Also the Canadian currency was lower against the euro, with EUR/CAD boosting 0.37% to hit the mark of 1.3764. InvestTechFX software solutions deals with the Forex Market offering specialized Money Manager, IB and White Label services as well as many benefits including ˝ pip fixed spreads, leverage ranging from 1:100 to 1:500 to permit the use of scalping, hedging options and Expert Advisors.

The market in Foreign Exchange is often unpredictable and always fluctuating. Therefore if you are interested in doing trade in this market, make sure that you take the time to be knowledgeable about good strategies that can help you trade successfully. With InvestTechFX you can practice trading currencies on demo mode using the MT4 platform before depositing actual funds into a live account. As you gain experience you can turn profits for real using InvestTechFX.

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It is important to keep updating yourself with the different economic trends in the international scene. After all, this currency market is greatly affected by the events that occur in the different countries and their respective economies. Familiarizing yourself with the factors that affect the FOREX market will surely help you make better decisions. For more information please visit www.investtechfx.com.