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Is the CAD going to continue to climb against the CAD?

Written by Sam Coxhead on March 2nd, 2012.      0 comments

5:02 PM (NZT) It has been an interesting week for this pairing. After initially testing the resistance at 1.0750, US FED comments helped turn the tables and the CAD has put some sustained pressure on the AUD, to push it to the bottom on the recent range at 1.0600.  Even at current levels, buying CAD with AUD represents very good value from a historical perspective. Next week we have both the RBA and BOC announcing monetary policy. Expect neither to make any changes at this meeting. Australian GDP on Wednesday and employment numbers on Thursday will be closely watched. In Canada the focus comes on the employments numbers on Friday, after the BOC monetary policy comments on Thursday. A sustained break of the support at 1.0600 opens up the way for investigations at 1.0450 overtime.
 
The current interbank midrate is:                                                            AUDCAD  1.0645                                                                                         
 
The interbank range so far this week to date has been:                 AUDCAD 1.0595 – 1.0750
 

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