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Where to from current levels for the NZDCAD pair?

Written by Sam Coxhead on September 7th, 2012.      0 comments

3:15 PM (NZT) The unchanged BOC monetary policy announcement was the major focus for this pair so far this week, ahead of the Canadian data later on today. The NZ dollar spent the first half of the week under continued pressure from the resurgent Canadian dollar. However the support at .7800 held fast and once the leaked details of the ECB debt stability plan started to hit the headlines, risk assets (of which the NZD is a part), started to see a pickup in demand. Once the formal announcement was made the NZD gained further ground. Interestingly the pair has stalled at the .7900 level and the direction is less clear from current levels. The next focus is obviously tonight’s raft of data releases in Canada. Next week the RBNZ monetary policy meeting is the focus , but should be of limited impact. If .7900 is broken the next resistance comes in at .7950 above. On NZ dollar weakness, the first solid support should come in at the .7800 level. Over all the falling global growth outlook should keep the pressure on the NZ dollar, especially if the US federal Reserve hold off from further monetary stimulation.
The current interbank midrate is:                                                            NZDCAD .7878                              
The interbank range so far this week to date has been:                 NZDCAD .7806 - .7910              
Topics: NZD CAD