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The NZD remains under pressure from the Canadian dollar.

Written by Sam Coxhead on March 23rd, 2012.      0 comments

4:50 PM (NZT) It has been an interesting week for this pairing. Until yesterday it has been all about CAD dominance, as the pair pushed down towards the .8000 level, which is much closer to the pairs historical average. Then yesterday in the offshore session we saw lower oil prices start to impact on the CAD. This move lower from the CAD was added to by the much weaker than expected retail sales numbers in Canada. The level of .8120 remains the key for the pairing in the short term. If we see consolidation below this level, further downside testing of the NZD should ensue. For those looking to buy CAD with NZD, even current levels represent good value buying of CAD with NZD.
 
The current interbank midrate is:                                                            NZDCAD .8101                              
                                                               
The interbank range so far this week to date has been:                 NZDCAD .8007 - .8202             
 

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