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The AUD finally finds some support against the CAD.

Written by Sam Coxhead on September 7th, 2012.      0 comments

5:05 PM (NZT) The AUD remains under pressure from the Canadian dollar, albeit a distance off the lows for the week. The AUD started the week under renewed pressure following the disappointing  Chinese manufacturing data. It has spend the entire week between 1.0440 and 1.0140 an the upper level looks the most vulnerable in the short term. The close to expectation GDP and employment numbers has seen a steady run of investors exiting “sold AUD” positions. This increased again following the ECB detailing the extent of their efforts to support the European debt markets. In the short term further AUD appreciation cannot be ruled out. US employment numbers later on today will provide the next focus ahead of further Chinese economic data on Sunday. The AUD remains vulnerable from a economic fundamental stand point, but this does not negate the chances of some further appreciation in the short term.
 
The current interbank midrate is:                                                            AUDCAD  1.0131                                                                                         
 
The interbank range so far this week to date has been:                 AUDCAD 1.0047 – 1.0162
Topics: AUD CAD
 

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