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The CAD pushes the NZD lower on the week.

Written by Sam Coxhead on April 20th, 2012.      0 comments

4:35 PM (NZT) The CAD has outperformed the NZD this week. The much weaker than expected Fonterra diary auction numbers gave the CAD its initial momentum before more upbeat comments from the BOC got the market starting to think about hikes to the Canadian cash rate, albeit someway off yet. The benign NZ inflation numbers gave the market little excuse not to maintain the pressure on the NZD. The focus next week will be on the RBNZ comments on Thursday as they leave monetary policy unchanged. The Canadian retail sales numbers on Tuesday will be watched , but should be of limited impact. Further appreciation from current levels should proved harder fought for the CAD, with good support for the pair at .8050 on the charts.
 
The current interbank midrate is:                                                            NZDCAD .8090                              
                                                               
The interbank range so far this week to date has been:                 NZDCAD .8070 - .8243              
 

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