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The AUD bounce against the CAD stalls at key resistance.

Written by Sam Coxhead on October 12th, 2012.      0 comments

4:30 PM (NZT) The AUD saw a bounce against the CAD this week. The demand was driven by a couple of factors. First there was a report of a significant increase in activity at Chinese container ports and this provided the initial AUD energy. Secondly, the materially stronger than expected employment report in Australia has reduced the chances of more than 25 points of easing from the RBA in the next couple of months. The momentum was not enough to break back through resistance at 1.0100 and has fallen back under the 10050 level for the time being at least. Next week’s RBA monetary policy meeting minutes and Chinese GDP numbers will be key drivers of direction in the short term. On the Canadian side of the equation the US elections and “fiscal cliff” provide the complex issues in the short term. If the resistance can hold at 1.0100 , the pair is likely to trade in the wider .9900 - 1.0100 range in the coming week.
The current interbank midrate is:                                                            AUDCAD  1.0046                                                                                         
The interbank range so far this week to date has been:                 AUDCAD .9916 – 1.0090
Topics: AUD CAD