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Forex - USD/CAD hits 8-day high as ongoing Libya fears weigh

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Forex Pros - The U.S. dollar was up against its Canadian counterpart on Wednesday, jumping to an eight-day high as ongoing tensions in Libya and the Middle East prompted investors towards safety of the greenback.

USD/CAD hit 0.9926 during European afternoon trade, the pair's highest since February 11; the pair subsequently consolidated at 0.9925, rising 0.18%.

The pair was likely to find support at 0.9821, Tuesday's low and resistance at 0.9985, the high of February 11.

Speaking in a televised address on Tuesday, Libya's long ruling leader Muammar Qaddafi stated that he had no intention of stepping down or leaving the country.

Qaddafi vowed to fight a growing rebellion until his "last drop of blood" and pledged to deploy the army and police to impose order.

Meanwhile, anti-government demonstrations continued in Bahrain on Wednesday, with Shi'ite Muslim protesters demanding the fall of the Sunni-run government in the biggest protest since unrest began last week.

The loonie was also down against the euro, with EUR/CAD jumping 0.77% to hit 1.3629.

Later in the day, the U.S. was to publish industry data on existing home sales.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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