After less than a month on Canadian retail shelves, HP has been forced to slash the price of its tablet computer for the second time.

The HP TouchPad 16GB and 32GB Wi-Fi will now be available for $400 and $500 respectively, down from the originally announced $520 and $620.

HP says the price drop will supersede any existing pricing rebates. In the states, customers who purchased the TouchPad before the price reduction (and have activated their HP TouchPad) will be eligible for a coupon that offers up to $50 for applications in the TouchPad App Catalog. No word yet on if the offer will be extended to Canadians.

The first price cut to the Touchpad came after the July 1st release in the U.S. and before the Canadian release date of July 15th. By the time the Touchpad reached Canadian stores the price had fallen $80 to $440.

Mere weeks after its release the 16GB and 32GB versions of the iPad competitor are selling for $120 less than what was announced in June.

The Touchpad, which looks similar to the original iPad, runs on the WebOS operating system and features a 9.7-inch 1,024 x 768 pixel capacitive multitouch display, virtual keyboard, and instant-on access.

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