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Article » Forex: CAD gained versus the USD as commodities advanced and risk appetite rose
Forex: CAD gained versus the USD as commodities advanced and risk appetite rose
Jun 21 2010, 02:42

USD Dollar (USD) – The Dollar weakened versus most majors as Europe's stress tests eased Forex trading investors' concerns leading risk appetite higher. NASDAQ and Dow Jones ended almost flat with 0.11% and 0.16% respectively after a choppy trading session. Crude Oil gained by 0.73% closing at 77.18$ a barrel. Gold (XAU) gained by 0.69% closing at 1,258$ an ounce after making record all time highs at 1262.40. No economic data expected today.

EURO (EUR) - The Euro finished unchanged versus the Dollar on Friday as debt concerns eased and investors decided to end their bets the currency will continue declining. Stress tests on European banks helped risk appetite rise as worries about the health of the financial system weakened. Overall, EUR/USD traded with a low of 1.2353 and a high of 1.2416. EUR/USD gained from its 4 year lows and is headed to its first Fibonacci retracement which is located at 1.2620. Today, ECB President Trichet will testify before the European Parliament in Brussels. EUR/USD - Last:  1.2415

British Pound (GBP) – The Pound gained slightly versus the Dollar on Friday after risk appetite rose following stress tests in the Euro Zone and higher than expected Mortgage Approvals. Overall, GBP/USD traded with a low of 1.4770 and a high of 1.4886. GBP/USD reached the 50% Fibonacci retracement at 1.4875 of the downtrend which started in April. If the pair remains above that level a Long position is preferred. No economic data expected today. GBP/USD - Last:  1.4835

Japanese Yen (JPY) The Yen gained versus the Dollar on Friday as no major economic releases made investors focus on the weaker unemployment claims that were released on Thursday that lowered the appeal for the Dollar as a safe haven. Overall, USD/JPY traded with a low of 90.44 and a high of 90.96. USD/JPY is moving downwards and headed toward the support at 90. No economic data expected today. USD/JPY-Last: 90.50       

Canadian Dollar (CAD) – The Canadian Dollar gained versus the Dollar as commodities advanced and risk appetite rose. Foreign Securities Purchases came out 12.36B better than 2.87B expected. Leading Index came out 0.9% better than 0.8% expected. Overall, USD/CAD traded with a low of 1.0207 and a high of 1.0312. USD/CAD is back to its downtrend and as long as it remains below 1.03 a Short position is preferred. No economic data expected today. USD/CAD - Last:  1.02

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with Matthew Sheppard
Senior Forex
Advisor at XForex

1. What is your name and position?
Hello, my name is Matthew Sheppard and I am a senior forex advisor at XForex.

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