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Will we see another leg lower from the AUD CAD pair?

Written by Sam Coxhead on March 16th, 2012.      0 comments

3:25 PM (NZT) The Canadian dollar continued its pressure on the Australian dollar this week. However the momentum was dealt a blow in the offshore session yesterday as the AUD bounced, in what has been attributed to profit taking from speculative investors. As long as the pairing can stay below resistance at 1.0520, the trend for a weaker AUD should remain in place, and push the pairing back down towards more historical averages. The divergence between US and Asian  growth profiles has driven the move, and it is hard to see a reversal of fortunes in the short term.   
 
The current interbank midrate is:                                                            AUDCAD  1.0435                                                                                         
 
The interbank range so far this week to date has been:                 AUDCAD 1.0330 – 1.0478
 

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