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Will the support hold for the AUD against the CAD?

Written by Sam Coxhead on March 9th, 2012.      0 comments

12:40 PM (NZT) The Australian and Canadian dollars have traded a relatively small range this week. It has been a grinding outperformance by the CAD, that started with the weaker than expected Australian GDP numbers. The lower expected growth rate from China in 2012, certainly dented AUD demand also. The more upbeat BOC statement, gave the CAD some strength. The level of 1.0500 remains the key support for this pairing. Consolidation through that level would open up the way for the CAD to pressure the AUD back towards more historically average levels.
 
The current interbank midrate is:                                                            AUDCAD  1.0539                                                                                         
 
The interbank range so far this week to date has been:                 AUDCAD 1.0511 – 1.0605
 

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