5:10 PM (NZT) After seeing some initial pressure from the CAD early on Monday the New Zealand dollar turned around the pressure and made some decent ground throughout the middle of the week to set the highs so far.  The sentiment turned as the positive Canadian retail sales number coincided with the ECB release of details on their 3year bank funding operation. The funds lent were far more than expected and this illustrates the issues that the European credit markets face. So the risk aversion has reemerged as we approach the end of the week. Canadian GDP numbers late Friday remain the focus from here. Expect the NZD to see further pressure if the number is better than the .1% expectation.
 
The current interbank midrate is:                                                            NZDCAD .7888                            
                                                               
The interbank range so far this week to date has been:                 NZDCAD .7824 - .7950