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The AUD remains elevated against the Canadian Dollar

Written by Sam Coxhead on November 4th, 2011.      0 comments

3:27 PM (NZT) The Australian dollar remains at elevated levels compared to the Canadian dollar even in the face of this week’s cut in the cash rate in Australia by the RBA.  With a further cut expected from the RBA in December, the AUD should see some softening against the CAD in the short term. The 1.0420 is the first target on the downside for the AUD and a break of this level opens up the way for another leg lower towards support at 1.0250. With the BOC stating Canadian cash rate is on hold until around 2012, the lead for this pair is most probably going to come from the Australian economy. Expect the volatility to remain in place through to the end of 2011 at least, as the European debt issues run their course.
 
The current interbank midrate is:                                                AUDCAD 1.0512                           
                                                               
The interbank range so far this week to date has been:            AUDCAD 1.0411 – 1.0637           
 
 

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