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Expect further range trading for the NZD against the CAD.

Written by Sam Coxhead on November 23rd, 2012.      0 comments

12:35 PM (NZT) It has been a very mixed week for this pair. On the balance the week has provided directionless trade. The initial NZD appreciation was quickly given up as the wider market risk aversion increased. The pair has managed to bounce from the lows following the positive Chinese manufacturing data that came to light.  The real focus next week will be the monthly Canadian GDP number on Friday. Ahead of that comes the NZ business confidence number on Thursday, but that should be of limited impact. The wider market sentiment will continue to be driven by European progress (or lack of) on the Greek funding package, and the negotiations over the fiscal situation in the US. Positive results will likely see the NZ dollar in demand, albeit the appreciation should be capped at the strong resistance at .8250. A lack of progress will likely see risk aversion and NZD underperformance.
 
The current interbank midrate is:                                                  NZDCAD .8137 
                                                                                         
The interbank range so far this week to date has been:       NZDCAD .8090 - .8172
Topics: NZD CAD
 

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