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The AUD remains at crucial levels against the CAD.

Written by Sam Coxhead on March 23rd, 2012.      0 comments

4:55 PM (NZT) The Canadian dollar has put the Australian dollar under pressure from much of this week so far. The darkening outlook for Asian economic growth has severely hindered AUD demand, and enabled the CAD to take back some of its recently lost ground. However the pair has bounced off its lows. Overnight saw the oil price continue to fall, and along with much lower than expected retail sales numbers in Canada, the AUD has been able to claw its way back a little. The current price is just below initial resistance at 1.0400. Consolidation below this level would open up the way for further investigations lower for the pair. For the most part the next weeks lead will come from the wider market. There is little in the way of top level data due for release in Australian. In Canada the market has to wait until Friday for the release of the monthly GDP numbers which will be closely watched.
The current interbank midrate is:                                                            AUDCAD  1.0383                                                                                         
The interbank range so far this week to date has been:                 AUDCAD 1.0303 – 1.0521