Canada Leading Indicator drops for 8th month in a row in April; USD/CAD at key support

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Published: Wed, 20 May 2009 14:57:00 +0200

Canada Leading Indicator drops for 8th month in a row in April; USD/CAD at key support

FXstreet.com (Barcelona) - Economic activity shrank 1.0% in Canada in April for the eighth consecutive time, the largest negative period since the early 90's recession.

April's decline, broadly in line with the market consensus, follows a 1.5% drop in March.

The USD/CAD remains at key 1.1475 support (May 10 low) after the release of the leading indicators Index; next resistance level lies at 1.1525 and 1.1585. Support levels ie at 1.1475 and 1.1300

By Fxstreet.com

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