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The Canadian dollar grinds back against the Australian dollar

Written by Sam Coxhead on November 11th, 2011.      0 comments

5:15 PM (NZT) The AUD has been under almost constant pressure from the Canadian dollar throughout the course of this week. As the wider market risk aversion increased, so did the downward pressure on the AUD. The oil price elevating on Iran issues has helped the CAD cause also over the last 48hours or so. If the momentum continues and the pair can consolidate below the 1.0250 support level, another leg lower down to test further support at parity is a real possibility. Not even the solid Australian employment numbers had much impact on the AUD’s decline, and the closing interest rate differentials obviously lend their weight to the move. External influences of the oil price and the risk aversion levels driven by Europe will continue to provide the lead next week.
 
The current interbank midrate is:                                                    AUDCAD 1.0317                                                                                            
The interbank range so far this week to date has been:                 AUDCAD 1.0303 – 1.0587               
 

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