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The NZD tests crucial support against the CAD.

Written by Sam Coxhead on November 4th, 2011.      0 comments

3:31 PM (NZT) The NZD has been under reasonably constant pressure from the Canadian dollar through the course of the week so far. The lows were seen yesterday when the Greek debt issues were at boiling point and it looked like Greece would be leaving the Eurozone. Expect the lead for this pair to come from these external influences for some time yet. General market risk aversion will see the NZ dollar underperform, and the times of positive sentiment it have the upper hand. Monetary policy looks to be at a standstill in both economies, so there will be little lead from the central banks. Crucial support at .7950 has held for the time being. Should this break, its opens up the way for another leg lower from the NZD.
 
The current interbank midrate is:                                                     NZDCAD .8027                              
                                                               
The interbank range so far this week to date has been:                 NZDCAD .7951 - .8169             
 

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