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The AUD should struggle against the CAD from current levels.

Written by Sam Coxhead on November 9th, 2012.      0 comments

3:40 PM (NZT) The AUD has made solid ground against the CAD this week. The basis for most of the move has been the RBA’s decision to leave the cash rate unchanged at 3.25%. This inspired “short covering” demand for AUD as investors scrambled to cover sold positions.  It has hard to see the AUD making easy headway from the current levels. It has fallen from the highs and in the absence of material economic data in either economy next week, there should be little in the way of fresh drive  to push the AUD higher. Patience is required for this looking to buy AUD with CAD. The apparent reversals of the respective central bank outlooks will likely not last and this should see a correct move lower for the AUD against the CAD in the weeks before the end of the year.
 
The current interbank midrate is:                                                   AUDCAD . 
                                                                                         
The interbank range so far this week to date has been:        AUDCAD 1.0282 – 1.0428
 

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