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Whats pushing down the AUD agaonst the Canadian dollar?

Written by Sam Coxhead on November 18th, 2011.      0 comments

4:11 PM (NZT) The AUD has seen sustained pressure from the CAD through the course of this week. The pressure has come from a combination of increased risk aversion across global markets, and an increase in the oil price that has boosted fortunes for the CAD. The risk aversion increase is predominantly coming from the elevated levels of uncertainty in the European debt markets. The uncertainty with no doubt continue in Europe well into the new year. The oil price on the other hand is being tipped to go higher as we head into the northern hemisphere winter, and this would be CAD supportive if it plays out. The bias is likely to remain to the downside for the AUDCAD pairing, taking these factors into account in the short term.
 
The current interbank midrate is:                                                            AUDCAD 1.0280                             
                                                               
The interbank range so far this week to date has been:                 AUDCAD 1.0250 – 1.0458              
 

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