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The AUD finally relinquishes ground to the CAD.

Written by Sam Coxhead on November 16th, 2012.      0 comments

3:50 PM (NZT) The week the Canadian dollar has finally been able to take back some of its lost ground again the AUD. The turnaround came on Wednesday as a host of factors led the wider market risk aversion that has driven the move. The pair has stabilised just above the support at 1.0330 and this remains the initial hurdle toward further CAD appreciation in the short term. Consolidation through the 1.0330 level would open up the way to further CAD outperformance and targeting the further support at 1.0240 overtime. Next week’s focus starts with the RBA monetary [policy meeting minutes , albeit unlikely the market will see too much reaction from these. In Canada the retail sales and inflation numbers will be closely watched. The retail sales figure represents the greatest risk, if the globally weaker retail numbers are a good lead. It seems unlikely that the pair would be able to push back through the 1.0200 level in the coming week, but ahead of the end of the year this cannot be ruled out if the global uncertainly increases.
The current interbank midrate is:                                                   AUDCAD 1.0442
The interbank range so far this week to date has been:        AUDCAD 1.0326 – 1.0470
Topics: NZD CAD