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The NZ dollar sees demand against the CAD as the BOC loom.

Written by Sam Coxhead on October 19th, 2012.      0 comments

5:04 PM (NZT)
It has been an interesting week for this pair. The price action can best be described as choppy, as both currencies saw periods of vulnerability  After seeing initial weakness the NZ dollar has recovered to make forge out a small gain on the week. The CAD came into focus following the more cautious comments from the Bank of Canada. With both central banks meeting for monetary policy statements next week, the interest will remain high. The BOC meets Wednesday and their statement will follow the monthly retails sales number. Expect a paring back of the tone towards hikes to their cash rate, as the outlook for the economy has clouded somewhat in recent weeks. The RBNZ meeting on Thursday will also be of interest. The monetary policy meeting for the new Governor comes at a time when the inflation level has dropped to the lower level of the band. Expect further trade next week within the recent .7950 - .8150 range.

The current interbank midrate is:                                                 NZDCAD       .8075     
The interbank range so far this week to date has been:               NZDCAD       .7959 - .8083