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The CAD pushes the New Zealand dollar lower.

Written by Sam Coxhead on May 4th, 2012.      0 comments

6:37 PM (NZT) The NZD has been strangely under considerable pressure from the CAD this week. The pressure was exacerbated by the NZ employment numbers yesterday, albeit the detail not as weak as the headline. The .7900 level has finally offered some support to the NZD, and the pair will have to remain above this level in the short term to avoid any further NZD losses. The strange price action was common to the NZD on various pairings this week. It will be interesting to follow the price action next week. The Canadian employment numbers offers focus next week, but expect the lead for the pair to primarily come from the wider market appetite for risk. .7990 will offer an initial target for any moves higher for the pair.
 
The current interbank midrate is:                                                            NZDCAD .7918                              
                                                               
The interbank range so far this week to date has been:                 NZDCAD .7882 - .8103              
 

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