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The AUD presses lower against the reseurgent Canadian dollar.

Written by Sam Coxhead on August 31st, 2012.      0 comments

3.35 PM (NZT) The AUD has continued to trade heavily against the Canadian dollar this week. Further pressure on commodity prices and increasing fears about the Asian growth profile have led the move. With the interest rate differentials contracting as the Australian market moves to price further easing from the RBA, the way is opened for an extension of the AUD under performance. So long as the US data continues to hold up, the pair should consolidate at these lower levels at least. The 1.0180 level presented some stick resistance on the way up, so this should prove to provide support on further AUD weakness. Next week is a busy one for the Australian market with the RBA monetary policy decision on Tuesday, and retail sales , employment and GDP scattered throughout the week.
 
The current interbank midrate is:                                                            AUDCAD  1.0210                                                                                         
 
The interbank range so far this week to date has been:                 AUDCAD 1.0194 – 1.0344
Topics: AUD CAD
 

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