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Quick thoughts on AUD/CAD

Written by Sam Coxhead on May 31st, 2011.      0 comments

11:25AM (NZT) The AUD/CAD has been close to the modern time 2004 highs at 1.0496 of late with the peak so far at 1.0483.
 
The current rate is 1.0451, so it has just softened a touch. The monthly Canadian GDP numbers last night were a touch better than expected at +.3% (+.2% EXP) but the current strength is not picked to last and this will most likely cause the Bank of Canada to delay hiking the cash rate until close to the end of the year. There is a Bank of Canada meeting tomorrow , obviously the cash rate will be unchanged, but the accompanying statement will be closely watched.
 
This week is a busy on for the Australian economic data calendar. It starts today with Building Approvals numbers, Wednesday has the GDP numbers, and Thursday the Retail Sales Numbers and Trade Balance.
 
If we see strong numbers throughout the week, there is a good chance the AUD will challenge that 2004 high. At any rate, current levels represent very good buying of CAD.
 
 

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