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Brief look at the AUD /CAD pair.

Written by Sam Coxhead on September 8th, 2011.      0 comments

5:45 PM (NZT) Interbank range so far this week : 1.0370  1.0518    Current interbank rate: 1.0430
The AUD/CAD has been particularly volatile this week, albeit within the recent and familiar ranges. Early in the week risk aversion saw the AUD underperform. This turned around as the Reserve Bank of Australia backed its recent “wait and see” rhetoric in its statement accompanying its unchanged cash rate announcement. Then came the better than expected Australia GDP numbers, closely followed by the rather downbeat statement from the Bank of Canada as they left their cash rate unchanged. This saw the AUD outperform the CAD, until the weaker than expected employment numbers released today in Australia. So the yoyo continues! Expect support to once again come in at 1.03500 on the downside, and the solid resistance around 1.0500 to contain rallies in the short term in the absence of a much worse than expected Canadian employment report tonight.
 

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