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Its a good time to transfer AUD into Canadian dollars

Written by Sam Coxhead on December 1st, 2011.      0 comments

5:25 PM (NZT) The AUD has outperformed the CAD from the outset this week. The ill founded rumour that the IMF were to provide funding to Italy provided the initial boost for risk assets. As the move got underway it became evident that there was significant stop-loss buying as investors with “sold AUD” positions were forced to rapidly exit their positions. Wednesdays better than expected Australian private capital expenditure numbers certainly added to the AUD demand that finally softened in the offshore session last night. Ironically this came just before the announcements of the coordinated central bank US dollar funding policies, which again saw the AUD saw higher to post the peak for the week. In the Asian session today, the AUD has again softened in line with weaker Australian domestic retail sales and construction numbers. Adding to the weakness was the Chinese manufacturing data which again confirms contraction in that sector for the previous month. Obviously, whilst of its highs, current levels still represent great value buying of CAD with AUD.
The current interbank midrate is:                                                            AUDCAD 1.0409                              
The interbank range so far this week to date has been:                 AUDCAD 1.0174 – 1.049