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AUD to CAD – Canadian Dollars to Australian Dollars

When converting Australian Dollars to Canadian Dollars (AUD to CAD), or CAD to AUD, by exchanging via Direct FX, you will save a significant amount of money. Our wholesale currency exchange rates for money transfers are significantly more competitive than bank foreign exchange rates. Being Australasian based, we specialise in knowing what drives AUD/CAD currency conversion rates.

AUD to CAD Overview: Both the Australian and Canadian dollars are regarded are commodity currencies. AUD CAD is a relatively stable currency pair. The CAD fortunes are more closely aligned with those of the US, as it is their largest trading partner and neighbour. The AUD fortunes are aligned with those of Australia and Asian emerging markets. A break down in correlation can happen in periods of dislocated global growth as we have seen following the 2008 global financial crisis. The AUD closer ties to the Asian economies has seen it consolidate at historically elevated levels again the CAD.

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Historical Ranges: 1 year 5 years 10 years
AUD/CAD .8835 – 0.9770 .8835 – 1.0391 .8575 – 1.0779

Current Official Cash Rates:
Reserve Bank of Australia (RBA): 0.25%         Bank of Canada (BoC): 0.25%

The Canadian Dollar (CAD) took a hit to end the week with Retail Sales coming in at -0.4% based on predictions of 0.5% taking the Australian Dollar (AUD) higher to 0.9650. Risk markets turned risk averse Monday, the Aussie giving back gains with price dropping back to 0.9570. Nothing of note is publishing this week on the economic docket so direction in the cross will be driven by headlines. Of note- second wave coronavirus in Canada is building with new daily cases approaching 1,000 per day close to the high’s of the first wave.
Exchange Rates
Current Level: 0.9600
Resistance: 0.9670
Support: 0.9420
Last Weeks Range: 0.9576-0.9667

As we predicted the Australian Dollar (AUD) marched higher this week against the Canadian Dollar (CAD) reaching 0.9665 but failed to stay there falling back to channel support at 0.9610 Friday. Australian Employment continues to strengthen with a 111,000 improvement to the labour force with the Unemployment Rate coming in considerably lower than the predicted 7.7% at 6.8% in August. This will give the RBA some breathing space so they can keep their cautiously optimistic tone heading into their next policy release. It’s the same for the AUD- bias tone remains to the upside.
Exchange Rates
The current interbank midrate is: AUDCAD 0.9628
The interbank range this week has been: AUDCAD 0.9572- 0.9667

The recent correction in the Canadian Dollar (CAD), Australian Dollar (AUD) cross seen a week ago has extended this week with price reaching the 0.9620 area. The central bank of Canada left rates unchanged last week at 0.25% saying it’s the biggest global slowdown since the great depression. The bank will hold rates low for some time at the effective lower band until the 2.0% inflation target is sustained. Recent policy was maintained with the continuation of 5B of large-scale assets purchases per week to boot. The long term daily high of 0.9660 looks in jeopardy.
Exchange Rates
Current Level: 0.9600
Resistance: 0.9700
Support: 0.9500
Last Weeks Range: 0.9521-0.9621

The Australian Dollar (AUD) reversed all of last weeks’ losses against the Canadian Dollar (CAD) coming off 0.9500 levels to retracing moves to 0.9620. Fairly well in line with our earlier calls for the pair to reach 0.9640. The Bank of Canada left rates unchanged this week at their scheduled rate announcement and policy read. The Bank of Canada saying it’s the biggest global slowdown since the great depression. Recent policy has been maintained with the continuation of 5B of large scale assets purchases per week. Aussie employment data will be next week’s highlight.
Exchange Rates
The current interbank midrate is: AUDCAD 0.9578
The interbank range this week has been: AUDCAD 0.9500- 0.9615

The Australian Dollar (AUD) suffered its worst week of declines since early April against the Canadian Dollar (CAD) dropping to 0.9485 just prior to the weekly close. Things look better into Tuesday for the AUD recouping losses to 0.9530 as we eye the Bank of Canada rate announcement Thursday. Most talk will be on the recovery and economic outlook over the coming months/years with no change from the current 0.25%. Since early April the cross has traded via higher highs and higher lows. As the cross has just come off a recent low this leads support for a push higher to possibly retest 0.9640 highs.
Exchange Rates
Current Level: 0.9536
Resistance: 0.9640
Support: 0.9500
Last Weeks Range: 0.9487-0.9643

A reasonable decline in the Australian Dollar (AUD) this week has seen2 price drift lower from 0.9630 levels against the Canadian Dollar (CAD) down to 0.9540 Friday. The RBA left their cash rate unchanged Tuesday at 0.25% a record low prior to the much more awaited second quarter GDP release. Figures showed a drop of 7.0% instead of the 6.0% expected to June putting the country formally in a recession. This is the biggest quarterly decline since statistics started in the 1950’s. Reserve Bank Lowe went on to say “the economy is experiencing the biggest contraction since the 1930’s”. Markets await tonight Canadian Unemployment Rate.
Exchange Rates
The current interbank midrate is: AUDCAD 0.9538
The interbank range this week has been: AUDCAD 0.9528- 0.9651

The Australian Dollar (AUD) has outperformed the Canadian Dollar (CAD) climbing from 0.9440 to close out the week at 0.9650. Price into Tuesday hasn’t done a whole lot choosing to bounce around 0.9620 levels. Canadian GDP posted a healthy gain in June of 6.5% following a 4.8% increase in May, the biggest increase since 1961 although these two months have offset massive declines over April and May. This week’s RBA is in focus later today with expectation the RBA won’t waiver from current policy and deliver what could be a dire economic report based on coronavirus lockdown stoppages and the impacts they are having. That being said, we may just see the AUD ease back towards 0.9560.
Exchange Rates
Current Level: 0.9631
Resistance: 0.9760
Support: 0.9420
Last Weeks Range: 0.9460-0.9651

The Australian Dollar (AUD) has regained all of last week’s losses climbing to 0.9540 against the Canadian Dollar into Friday as risk sentiment improved the Aussie. Also of note was Australian Capital Expenditure which fell in the June quarter by 5.9%, but was not a soft as anticipated. Looking ahead to next week we have the RBA cash announcement and statement along with second quarter GDP. Expectations are a negative 3% taking the economy into a recession after -0.3% was posted in the first quarter. We see resistance at the 0.9600 area but the Aussie will be well supported on dips going into the weekend.
Exchange Rates
The current interbank midrate is: AUDCAD 0.9547
The interbank range this week has been: AUDCAD 0.9413- 0.9557

The Australian Dollar (AUD) went into the weekly close underperforming against the Canadian Dollar (CAD) dipping to 7-week support levels to 0.9430. This saw a fall below the 50-day moving average for the first time since 8th April. With improvements in Asian equity markets as well as US equities reaching record highs Monday the Aussie is back at 0.9480. Over the following few days we will get confirmation if the long term bullish trend has been breached to the downside. Bank of Canada’s Macklem speaks Friday at the Jackson Hole Symposium event. Predicted direction this week: Retest of 0.9550.
Exchange Rates
Current Level: 0.9489
Resistance: 0.9660
Support: 0.9400
Last Weeks Range: 0.9413-0.9559

Surprisingly after better than expected Australian Jobs numbers the Aussie (AUD), Canadian Dollar (CAD) pair has come off, slumping to 0.9450 from 0.9590’s open. The CAD outperformed breaking an ascending trendline at 0.9550 with potential to reach the next support zone at 0.8560 levels long term. If price goes on to rotate higher to 0.9600, we will need to watch for bearish triggers for further declines. With the runup in the price of oil (42.35) this is behind some of the CAD momentum despite broad based demand for the AUD over the past couple of days. Looking ahead we have Canadian Retails Sales late next week on the calendar.
Exchange Rates
The current interbank midrate is: AUDCAD 0.9444
The interbank range this week has been: AUDCAD 0.9437- 0.9589

Surprisingly after better than expected Australian Jobs numbers the Aussie (AUD), Canadian Dollar (CAD) pair has come off, slumping to 0.9450 from 0.9590’s open. The CAD outperformed breaking an ascending trendline at 0.9550 with potential to reach the next support zone at 0.8560 levels long term. If price goes on to rotate higher to 0.9600, we will need to watch for bearish triggers for further declines. With the runup in the price of oil (42.35) this is behind some of the CAD momentum despite broad based demand for the AUD over the past couple of days. Looking ahead we have Canadian Retails Sales late next week on the calendar.
Exchange Rates
The current interbank midrate is: AUDCAD 0.9444
The interbank range this week has been: AUDCAD 0.9437- 0.9589

The Australian Dollar (AUD) sharply reversed off 0.9640 Friday against the Canadian Dollar (CAD) to close the week at 0.9575. The run lower continued into Tuesday with price dipping to 0.9540. Canadian employment improved slightly with 418,000 people returning to the workforce in July and the unemployment rate ticking lower to 10.9% (expectation 11.1%) from 12.3% in June. The head and shoulders formation in the pair is one to watch with a view that if the cross falls below the support neckline around 0.9500 we could see a bigger decline setup. Weekly direction: Retest the weekly open around 0.9580
Exchange Rates
Current Level: 0.9541
Resistance: 0.9670
Support: 0.9500
Last Weeks Range: 0.9512-0.9638

Although the Canadian Dollar (CAD) has enjoyed a nice boost recently from solid local data including rallying crude oil, it’s still no match for the unstoppable Australian Dollar (AUD) posting a weekly high overnight of 0.9630. It hasn’t been all one-way traffic, the Aussie recovering losses from earlier in the week’s short visit to 0.9500. Nothing of note came out of the RBA cash rate statement Tuesday as Lowe left the rate unchanged at 0.25%. The Monetary Statement is today and shouldn’t throw up any surprises to current policy. A retest of 0.9700 looks almost a given, if we look at the long-term bullish channel in progress with support coming from the 50 day moving average.
Exchange Rates
The current interbank midrate is: AUDCAD 0.9627
The interbank range this week has been: AUDCAD 0.9506- 0.9638

Momentum for the Aussie dollar eased towards the weekly close with price reversing off the long term high of 0.9700 the December 2018 level back towards 0.9570. Into Tuesday price has extended this run lower to 0.9520. The Aussie Cash Rate announcement and policy statement will be the highlight this week for the Australian Dollar (AUD), Canadian Dollar (CAD) pair. Late in the week we get a look at Canadian employment figures with employment expected to rise beyond July’s 12.3%. GDP m/m for May printed at 4.5% higher than the 3.5% expected following two months of unbelievable declines from coronavirus fallouts. While the number boosted the Loonie and offset March and April’s terrible growth, the economy is still around 15% below February’s pre- Covid levels. Weekly direction: Lower, possibly to 0.9450.
Exchange Rates
Current Level: 0.9529
Resistance: 0.9700
Support: 0.9500
Last Weeks range: 0.9506-0.9696

The relentless Australian Dollar (AUD) has broken into new ground this week reaching 0.9650 against the Canadian Dollar (CAD) a December 2018 high. Starting the week around 0.9510 it was quickly on the front foot pushing through the pre high of 0.9595 with ease. RBA governor Lowe has stated he is comfortable with the where the AUD is trading generally, this comment has given the Aussie another leg up this week, but the reality is we will see the pair take on a correction of some sort as Lowe looks to lower the cash rate to 0.10% from 0.25%. Tonight’s Canadian GDP for the month of May releases with consensus we will see growth of 3.5% and a strong bounce back from April’s -11.6%. Expect more topside bias yet in this pair.
Exchange Rates
The current interbank midrate is: AUDCAD 0.9674
The interbank range this week has been: AUDCAD 0.9510- 0.9679

After the Australian Dollar (AUD) reached 0.9640 last week against the Canadian Dollar (CAD) we have seen a reasonable correction to 0.9500 before closing the week around 0.9520. This week’s action has seen the pair briefly reach 0.9580 before falling back to 0.9540. The bullish channel setup still looks solid from early April with moves further to the upside expected. Broad based AUD support from strong iron ore prices and Chinese Industrial production should mean we see a retest of 0.9650 soon. Canadian GDP for June is expected to reflect a bounce higher from May of around 3.3%.
Exchange Rates
Current Level: 0.9562
Resistance: 0.9640
Support: 0.9400
Last Weeks Range: 0.9491-0.9640

The Australian Dollar (AUD) has held onto last week’s gains against the Canadian Dollar (CAD) trading around the 0.9500 mark Tuesday. The cross still trades above the 50 days moving average and has extended rises for the 5th straight week. We don’t expect anything new from today’s RBA minutes from the July 7th meeting with the RBA holding current policy for some time. Canadian Retail Sales Wednesday is the focus thereafter and is expected to reflect a massive rebound of 20.0% in May from the -26.4% drop in April figures
Exchange Rates
Current Level: 0.9500
Resistance: 0.9550
Support: 0.9400
Last Weeks Range: 0.9430-0.9543

The Australian Dollar (AUD) surged to an April 2019 level of 0.9545 Thursday against the Canadian Dollar (CAD) but failed to hold up, falling back sharply to 0.9450 as the Aussie came under pressure from jobs data releasing. Australian Unemployment printed slightly higher than we were predicting yesterday at 7.4% vs 7.2% taking the Aussie lower even though employment increased 210,000 from estimates of 106,000 for the month of June. This marks the highest level of unemployment in Australia since 1998. The Bank of Canada (CAD) held their benchmark rate at 0.25% and signalled they won’t be raising rates again until at least 2023 until employment returns to pre-covid levels. The central bank governor Macklem labelled the economic recovery a “long climb back”. We can’t see the bullish rally in the Aussie stopping any time soon, next week should see the retest of 0.9550.
Exchange Rates
The current interbank midrate is: AUDCAD 0.9477
The interbank range this week has been: AUDCAD 0.9431- 0.9544

Early week reading in the Australian Dollar (AUD), Canadian Dollar (CAD) has seen the pair register a fresh high of 0.9480, this is a late April 2019 level as the cross eyes 0.9620 resistance Tuesday. Canadian Unemployment Saturday released well with 952,000 people re-joining the labour force in June. The Unemployment Rate was a touch higher at 12.3% from May’s 12.0%. Thursday’s Bank of Canada Rate announcement is the focus this week along with Australian jobs numbers. Unless the BoC pulls one out of the bag we could see the pair go higher.

Exchange Rates
Current Level: 0.9450
Resistance: 0.9480
Support: 0.9400
Last Weeks Range: 0.9398-0.9480

Recent Bullish momentum in the Australian Dollar (AUD) since March was reconfirmed this week with price climbing to 0.9475 midweek before falling back slightly into Friday to 0.9450. RBA’s Lowe maintained the current 0.25% Tuesday choosing to stick with current policy. He said although indicators have picked up over the last few weeks the worst of the global economic downturn has passed. Big call, with outlook to remain bumpy especially as they try to contain coronavirus in Victoria. Focus now is with Canadian Unemployment figures with the Unemployment rate expected to drop to 12.5% for June from May’s 13.7%. Next week is the Bank of Canada policy Report and Rate Statement. The AUD is well supported on dips with a possible retest of the high of 21 April 2019 at 0.9570 the target zone.

Exchange Rates
The current interbank midrate is: AUDCAD 0.9440
The interbank range this week has been: AUDCAD 0.9397- 0.9475

The Bullish momentum we have seen in the Australian Dollar (AUD) since mid-March (0.8300 levels) holds firm another week, with the Aussie tracking to a new high Monday against the Japanese Yen (JPY) to 0.9440. Risk sentiment has again been well supported with upbeat news out of China. China has pulled out troops along the Indian border following the worst clash between the two countries in nearly 50 years left 20 Indian soldiers dead. Attention this week will be on today’s RBA cash rate announcement and monetary policy. No change is expected and a low key meeting. However, with the AUD overvalued we could see some talk of tactics to bring the Dollar down. Later in the week is Canadian unemployment, expected to print at 12.5% for June down from 13.7% in May.

Exchange Rates
Current Level: 0.9440
Resistance: 0.9470
Support: 0.9350
Last Weeks Range: 0.9348-0.9428

The Australian Dollar (AUD) hasn’t outperformed the Canadian Dollar (CAD) quite so much this week with Aussie Trade Balance coming in lighter than the 9.0B predicted. The Aussie sits just a click higher than the opening price of 0.9380 Friday after reaching 0.9430 earlier in the week. Canadian GDP came in at -11.6% for the month of April a little better than the -12.5% expected giving reasons for investors to buy back the Loonie. Looking ahead we have RBA Cash Rate and Statement along with Canadian employment data and unemployment rate late in the week.

Exchange Rates
The current interbank midrate is: AUDCAD 0.9388
The interbank range this week has been: AUDCAD 0.9347- 0.9427

The Australian Dollar (AUD), Canadian Dollar (CAD) pair remains happy to trade sideways from early June. With price around 0.9390 Tuesday it’s clear the cross looks for directional cues. The upper band at 0.9430 may be tested over the week as we start to eye downside pressures in the CAD with recent sell offs in Crude Oil. It’s another quiet week of data except for Canadian GDP for April printing tomorrow and is expected to show a growth decline of 10.5% following a drop in March of 7.2%. A push through the 0.9430 area could extend into a fresh yearly high.
Exchange Rates
Current Level: 0.9381
Resistance: 0.9420
Support: 0.9270
Last Weeks Range: 0.9305-0.9421

Upside bias was our call which is what has eventuated over the week with the Australian Dollar (AUD), Canadian Dollar (CAD) pair pushing higher. RBA Governor Lowe jawboned the AUD earlier in the week saying he was comfortable where the Aussie was trading before Fitch rating agency downgraded Canada from AAA to AA+ with increasing govt debt a by-product of spending due to coronavirus. It is said Canada’s recovery from coronavirus will be messy making the currency volatile for some time. A retest of 0.9440 is on the cards.
Exchange Rates
The current interbank midrate is: AUDCAD 0.9373
The interbank range this week has been: AUDCAD 0.9269- 0.9420

The Australian Dollar (AUD), Canadian Dollar (CAD) continues to trade sideways again this week with a slight upside bias, currently 0.9340. The cross hasn’t moved from its recent range, not from a lack of data recently but based on a lack of drivers as investors analyse economic situations on the horizon. The Bank of Canada (BoC) reconfirmed their QE program with the ongoing purchase of federal bonds preferring to use these instead of lowering rates down the track. With Canada facing an unknown perhaps inconsistent recovery from coronavirus the currency will remain volatile for some time. For these are good times to be buying CAD.
Exchange Rates
Current Level: 0.9352
Resistance: 0.9430
Support: 0.9260
Last Weeks Range: 0.9271-0.9425

Although buoyant in early week trading the Australian Dollar (AUD) failed to post fresh highs reaching 0.9430 against the Canadian Dollar (CAD) before underperforming into Friday. The Reserve Bank of Australia minutes from the last policy meeting confirmed the usual rhetoric around downside risks to the global outlook- nothing new here. Aussie unemployment printed worse than markets were expecting at -227,000 versus -105,000 new people filing for unemployment in May. The unemployment rate also jumped higher than expected to 7.1%. The discouraging news saw a correction to 0.9310 Friday. Dips look supported above the 0.9300 level.
Exchange Rates
The current interbank midrate is: AUDCAD 0.9326
The interbank range this week has been: AUDCAD 0.9270- 0.9425

The New Zealand Dollar (NZD) rallied hard off the weekly open against the Canadian Dollar (CAD) from its closing price of 0.9290 to 0.9390 Tuesday. The Lonnie (CAD) had a meltdown following a fresh wave of coronavirus fears, Beijing also discovering 51 new cases sent nerves across markets. With no action on the economic calendar until Thursday’s Canadian CPI for May we could see the prior top of 0.9445 broken the April 2019 high.
Exchange Rates
Current Level: 0.9402
Resistance: 0.9445
Support: 0.9300
Last Weeks Range: 0.9271-0.8424

It’s been a very quiet week of data releases with markets focusing on risk momentum. The Canadian Dollar (CAD), Australian Dollar (AUD) cross has mostly consolidated this week around the 0.9350 area after pushing up from 0.9150 levels last week. Crude oil has been extremely buoyant recently reaching nearly 40.00 per barrel, Loonie (CAD) supportive but with price falling closing 7.0% lower overnight we have seen the paid drift lower to 0.9300 NAB Business Confidence highlighted a broad based improvement in activity with confidence levels a little more positive in May. We are still far above the long run average of similar depths seen during the GFC but given coronavirus cases are very low in Australia this has really seen the AUD fly in recent weeks. A break below 0.9280 and we could see upside momentum lost.
Exchange Rates
The current interbank midrate is: AUDCAD 0.9303
The interbank range this week has been: AUDCAD 0.9287- 0.9408

Yesterday’s Australia holiday wasn’t enough to hold down the Australian Dollar (AUD) climbing to 0.8780 extending last week’s gains over the Loonie. Crude Oil has staged a recovery recently and trades around the 38.00 area Tuesday offering other CAD crosses support but not against the Aussie with risk sentiment the main driver. It’s a quiet week of data releases for the pair with just NZ Business Confidence to publish later today. May figures should represent a better reading with Covid-19 restrictions lifting. The Aussie now targets 0.9470 the prior weekly high from late April 2019.
Exchange Rates
Current Level: 0.9374
Resistance: 0.9440
Support: 0.9140
Last Weeks Range: 0.9192-0.9443

The Australian Dollar (AUD) climbed through last week’s high of 0.9200 against the Canadian Dollar (CAD) to clock 0.9320 Wednesday. The Aussie receiving a boost from a weakened US Dollar as risk currencies enjoy US equities prices edged north. Crude prices continue to rise to 37.00 at the NY close this morning. Tomorrow’s Bank of Canada rate announcement and statement may bring on fresh volatility if we see any shifts to their forward guidance. The cross is trading at a June 2019 high today, we don’t see any reversals taking place in the next few days and the pair eyeing 0.9400 levels.
Exchange Rates
Current Level: 0.9401
Resistance: 0.9570
Support: 0.9120
Last Weeks Range: 0.9066-0.9388

The Canadian Dollar (CAD), Australian Dollar (AUD) pair reached 0.9200 this week a fresh July 2019 high as the Aussie continues to surge ahead. The CAD is getting mild support from ongoing recovery in Crude Prices and global equities but with risk sentiment supporting the AUD the CAD has not really fired a shot for some time. Next week’s BoC rate statement and Employment numbers may offer some fight back into the CAD.
Exchange Rates
The current interbank midrate is: AUDCAD 0.9137
The interbank range this week has been: AUDCAD 0.9063- 0.9202

Recent strength in the Australian Dollar (AUD) has not disappointed this week reaching a fresh high of 0.9180 against the Canadian Dollar (CAD). Pushing aside the yearly high at 0.9148 if price can hold over this mark into Monday we could see further upside in the pair develop. Canadian GDP for April the focus on next week’s calendar could undermine any support for the Loonie. Certainly, if Crude Oil starts to decline in the coming sessions we could see a fresh wave of buyer interest.
Exchange Rates
The current interbank midrate is: AUDCAD 0.9161
The interbank range this week has been: AUDCAD 0.9044- 0.9183

We have seen increased demand for the Canadian Dollar (CAD) recently with improved Crude Oil prices but the currency has underperformed against the stronger Australian Dollar (AUD) to 0.9090. The Bank of Canada said the country could handle the ongoing shock from coronavirus and remains resilient. Meanwhile although the latest jobs data reflected a record number of people filing for unemployment the country is holding up fairly well giving the AUD a leg up. The RBA minutes is later today with Canadian CPI tomorrow. A retest of last week’s yearly high at 0.9140 looks on the cards.
Exchange Rates
Current Level: 0.9104
Resistance: 0.9140
Support: 0.9015
Last Weeks Range: 0.9023-0.9142

The Australian Dollar (AUD) is lower on the week falling back to 0.9050 against the Canadian Dollar (CAD) after terrible Australian Jobs print. The Aussie has suffered a wave of downside risk this week after Australia released its biggest monthly Jobs decline on record of 595K for April. The number was fairly expected with falls perhaps mitigated by the unemployment rate not rising as much (6.2% v 8.3%). Crude oil continued its run higher overnight to 27.00 per barrel and should support the Loonie (CAD) further.
Exchange Rates
The current interbank midrate is: AUDCAD 0.9067
The interbank range this week has been: AUDCAD 0.9039- 0.9142

The Australian Dollar (AUD) failed to push into new ground against the Canadian Dollar (CAD) but matched the prior high at 0.9125 before falling back towards 0.9050. Canadian Jobs data surprised markets Friday with figures printing not as bad as predicted, unemployment rose by nearly 2M in April much lower than the 4M predicted with the rate surging to 13.0% from 18% expected much higher than the 7.8% in March. Thursday’s Aussie unemployment is expected to rise to 8.3% from March’s 5.2% and could take the pair lower back to 0.9000 support.

Exchange Rates
Current Level: 0.9059
Resistance: 0.9120
Support: 0.9015
Last Weeks Range: 0.9021-0.9125

The Australian Dollar (AUD) sits just shy of the yearly high of 0.9150 against the Canadian Dollar (CAD) and looks to retest this key area as it creeps closer. Into Friday the pair traded at 0.9088 just shy of yesterday’s high of 0.9125. Crude Oil rose 10 % yesterday on the news Saudi Arabia had stepped in to prop up the recovery in oil prices for its customers worldwide. This is the first time since the start of the price war saying-they will do whatever it takes to support the oil recovery. Earlier in the week the RBA left the cash rate at 0.25% at its policy meeting with the board saying they won’t increase the cash rate until full employment is reached and they can be confident inflation can be sustained within the 2-3% band. While on one hand the oil recovery is supporting price in the Loonie risk markets and the jump in Chinese exports has supported the Aussie. We see topside bias in the cross limited.
Exchange Rates
The current interbank midrate is: AUDCAD 0.9084
The interbank range this week has been: AUDCAD 0.9013- 0.9124

The recent Australian Dollar (AUD) Rally against the Canadian Dollar (CAD) has seen price at 0.9050 Tuesday. Last week’s high of 0.9120 turned out to be just shy of the 2020 high of 0.9146 as the Aussie continued to sour. Upcoming bank of Canada Governor Macklem made the comment that negative interest rates would have disruptive effects and he was comfortable with rates at 0.25% and there would not be a snap back to normality any time soon from the fallout of coronavirus. The key note was that the central bank would continue to provide liquidity to the system in order to keep credit markets flowing. We expect a retest of 0.9150 is in order.
Exchange Rates
Current Level: 0.9062
Resistance: 0.9150
Support: 0.8890
Last Weeks Range: 0.9008-0.9127

The Australian Dollar (AUD) continues to gain against the Canadian Dollar (CAD) pushing to a new high Tuesday of 0.9090 outperforming the Loonie (CAD) for the 5th straight week. Long term daily resistance at 0.9020 from early March was broken with a new target of interest at 0.9150 coming into view the July 2019 high. Oil prices collapsed again Monday with price around the 12.00 per barrel on fears of storage issues and volatility in the June contract. A large buyer withdrawal from the June futures contract choosing to look at more longer term options. Crude supply has soured to more than 2M barrels in April the highest it’s been since 2018, one of the reasons is the very low gasoline consumption stemming from coronavirus lockdown restrictions to households and businesses. We expect price to test the 0.9150 high in the coming days.
Exchange Rates
Current Level: 0.9094
Resistance: 0.9140
Support: 0.9000
Last Weeks Range: 0.8898-0.9010

The Australian Dollar (AUD) edged a little higher post Crude Oil lows, the Canadian Dollar (CAD) recovering from the depths of incredibly low levels over the second half of the week. Price into Friday trades just off the high at 0.8960 with the Aussie posting gains for the third straight week. With the Crude price recovering at 16.87 at the NY close analysts are not calling this a recovery, it’s more of a breather with prices expected to go lower again as coronavirus worsens. The June futures contract surged 19% as President Trump ordered Iranian boats to be shot down if they hassle American ships. Unless oil production is cut, the limited capacity to store oil is likely to continue to pressure prices. Strong resistance at 0.9000 will be interesting and a point to watch, buyers of the Loonie should consider.
Exchange Rates
The current interbank midrate is: AUDCAD 0.8952
The interbank range this week has been: AUDCAD 0.8895- 0.9011

Overnight the Crude oil price plummeted to a 21 year low on concerns of demand losses and diminishing storage space around the world. Coming out of lockdown China has been stockpiling oil buying ultra-cheap crude from Alaska, Canada and Brazil with non-existent demand elsewhere. The by-product of this is the price sinking to below zero closing at -23.00 per barrel. The Australian Dollar should be higher versus the Canadian Dollar (CAD) but sits just off the multi month high at 0.8955. We see further bullish activity for the Aussie especially with coronavirus numbers publishing out of Australia so low. The yearly high is 0.9140 which could be retested.
Exchange Rates
Current Level: 0.8933
Resistance: 0.9020
Support: 0.8840
Last Weeks Range: 0.8845-0.8987

The Australian Dollar (AUD) has extended last week’s run up from 0.8500 levels against the Canadian Dollar (CAD) to 0.8950. Risk markets continue to improve along with discouraging Canadian data souring buyers of the Loonie. Friday’s Canadian jobs numbers showed a record loss of 1,000,000 jobs based on predictions of only 400,000. The unemployment rate jumped to 7.8% from 7.4% reflecting the wave of layoffs. Looking ahead we have key Aussie employment change numbers tomorrow along with unemployment- expected to grow to 5.4% from 5.1% in February. Bias remains to the topside through 0.9000 to retest resistance around 0.9030 this week.
Exchange Rates
The current interbank midrate is: AUDCAD 0.8925
The interbank range this week has been: AUDCAD 0.8595- 0.8955

The Australian Dollar (AUD), Canadian Dollar (CAD) is trading within recent ranges, slightly higher off the open at 0.8590 as we run into Tuesday. Lower Oil prices with Crude trading down over 13% overnight – translate into a lower Loonie. With the downgrade to world GDP growth forecasts and the Opec/Russia price was lowering prices crude is now expected to average around $28 per barrel for 2020. GDP in Canada is expected to print at the worst ever recorded. First we will get a look at how unemployment is tracking in Canada Friday- currently at 5.6% this will no doubt soften..

Exchange Rates
Current Level: 0.8615
Resistance: 0.8770
Support: 0.8470
Last Weeks Range: 0.8470-0.8805

The Australian Dollar (AUD) ran out of buyer interest Tuesday topping out against the Canadian Dollar (CAD) at 0.8800 before falling. Into Friday the Loonie (CAD) took back losses to 0.8550. Overnight Russia and Saudi Arabia have agreed to cut Crude Oil production by 10Million Barrels per day. This sent the Crude price up 17% to 25.00 per barrel giving the Loonie added support. Canadian GDP came in a little softer than we were expecting at 0.1% for January. While the data is not that relevant given the world has changed over the past few weeks, it still shows a general baseline of how the economy was tracking. The data will be used as a line in the sand at a later date once coronavirus improves and the economy gets back on track. Next week’s main data is Canadian Employment Friday along with the RBA formal rate announcement and statement. Those buying CAD should consider these levels above 0.8540 as we think price may slide lower in the coming days.

Exchange Rates
The current interbank midrate is: AUDCAD 0.8563
The interbank range this week has been: AUDCAD 0.8523- 0.8807

The Australian Dollar (AUD) extended its run higher over the Canadian Dollar (CAD) into Tuesday to 0.8723, a two week high. Scott Morrison announced his investment of 130B to assist wage earners in order to keep Aussies in jobs and businesses reopen post coronavirus. The objective is to keep workers on the payroll with a $1500 a fortnight “job seeker’ allowance. This is applicable to full and part time workers only if you have been with your employer for longer than 12 months. The program started yesterday. The bank of Canada cut rates to 0.25% in an emergency meeting Friday from 0.75% with the central bank saying they would start its first ever QE program. Remember it was only 7 days ago when we had price around 0.8100- buyers of CAD should be buying at these levels around 0.8700.

Exchange Rates
Current Level: 0.8754
Resistance: 0.9000
Support: 0.8620
Last Weeks Range: 0.8366-0.8754

No data this week in the Australian Dollar (AUD), Canadian Dollar (CAD) pair- not that it matters as the only talk and driver of most currency movement has been coronavirus headlines. The Aussie has outperformed the CAD from the weekly open of 0.8300 levels pushing up to 0.8680 before retreating to 0.8480 into Friday. Next week’s Canadian monthly GDP for January prints with 0.3% expected. We expect price to retrace to 0.8300

Exchange Rates
The current interbank midrate is: AUDCAD 0.8505
The interbank range this week has been: AUDCAD 0.8240- 0.8685

An underperforming Australian Dollar (AUD) saw price move lower against the Canadian Dollar (CAD) to 0.8090 levels late last week. The Canadian Dollar finding come demand despite crashing Crude Oil prices collapsing. Canadian Retail Sales also pushed the Loonie (CAD) higher as January numbers printed well. Monday’s open has seen the Aussie recover to 0.8400 but downward pressures remain in the pair.

Exchange Rates
Current Level: 0.8525
Resistance: 0.8800
Support: 0.8270
Last Weeks Range: 0.8071- 0.8607

The Canadian Dollar (CAD) has struggled this week as the downturn in global sentiment hits the Loonie hard depreciating the price of Oil. But the Australian Dollar (AUD) has fared worse based on a poor appetite by investors to buy the currency on risk factors, slipping to 0.8070 Thursday, the lowest level since February 2009 GFC. As PM Morrison announced Australian borders would close from 9pm tonight the Aussie recovered hard rallying back to 0.8600 during overnight sessions but trades back around 0.8370 early Friday. Trudeau announced a stimulus package worth approximately 3.0% of GDP to help with coronavirus. The Bank of Canada’s Bill Morneau said they would do “whatever it takes, there will be more to come.” Further falls are likely with expectations the pair will slide under 0.8000 soon

Exchange Rates
The current interbank midrate is: AUDCAD 0.8373
The interbank range this week has been: AUDCAD 0.8069- 0.8678

Further falls in Crude Oil prices have again dictated movement in the Canadian Dollar (CAD), Australian Dollar (AUD) dropping the cross to 0.8430 and back to 0.8600 into Tuesday. After recovering to 0.8930 Thursday the Aussie surrendered again to shaky risk market conditions dropping to fresh lows. This week’s Aussie employment data and Canadian Retail Sales are focus outside of coronavirus. Currently around the 0.8570 mark at time of writing these levels represent good areas for buyers of CAD.

Exchange Rates
Current Level: 0.8555
Resistance: 0.8600
Support: 0.8430
Last Weeks Range: 0.8434-0.9030

As risks in markets intensify the Australian Dollar (AUD) lost its grip on the 0.8900 level overnight reaching 0.8680 in an ugly session of trading. The earlier “flash crash” level around 0.8670 now looks like it could be tested in the coming hours as coronavirus fears continue to spook markets. The price of crude continues to be volatile in the wake of early week failed OPEC negotiations with the price overnight falling again down 4.0% to around 31.00. Trading into multi week lows this week it’s hard to see a bottom in sight with the market so out of control.

Exchange Rates
The current interbank midrate is: AUDCAD 0.8740
The interbank range this week has been: AUDCAD 0.8668- 0.9054

The Australian Dollar (AUD) lost last week’s gains Monday against the Canadian Dollar (CAD) in one hour of trading as markets crashed- the pair dropping to 0.8670. Just as fast as the AUD depreciated into the darkness it returned to push past the weekly open at 0.8960 to post a high of 0.9060 early during Tuesday trading. OPEC had proposed to slash production by 1.5M barrels per day to alleviate demand. Russia rejected the proposal and when talks broke down Saudi Arabia announced massive discounted prices and raised production by 10M barrels per day. The crude price has since fallen over 21% to just over 30.00 per barrel and taken the Canadian Dollar (CAD) with it. With no tier one data the pair will continue to duck and dive according to coronavirus and oil headlines.

Exchange Rates
Current Level: 0.8994
Resistance: 0.9040
Support: 0.8915
Last Weeks Range: 0.8669-0.9058

Yesterday’s gains for the Australian Dollar (AUD) are slowly eroding as we head into Friday as the Canadian Dollar (CAD) recovers early week losses to 0.8850. Early in the week the RBA cut rates 25 points to 0.50% to support the economy as it responds to the coronavirus outbreak. The RBA say they are prepared to ease further if necessary, the AUD rose post release boosted by solid fourth quarter GDP but was always going to be capped. The Bank of Canada (BoC) delivered a 50 point rate cut taking their benchmark rate from 1.75% to 1.25%- the lowest level since mid 2018, in direct response to stimulate growth from the fallout from coronavirus. Along with equity markets taking large losses in the past 24 hours, Crude Oil is down over 3.0% dragging the Loonie (CAD) with it to 0.8850 levels. We suspect further declines will eventuate in the coming days with price back around the 0.8700 area.

Exchange Rates
The current interbank midrate is: AUDCAD 0.8860
The interbank range this week has been: AUDCAD 0.8685- 0.8891

The Australian Dollar has again fallen to fresh multi year lows to 0.8715 against the Canadian Dollar (CAD) helped by poor Aussie data. Construction work done came for the fourth quarter 2019 a disappointing -3.0% from the -1.0% expected and overall for the 2019 year down overall -7.4%. This was followed by capex at -2.8% for the fourth quarter based on predictions of 0.5% growth. The number wasn’t all bad with mining spending firming with plans for 2021 looking positive. Price Friday turned back towards 0.8800 with the Aussie reversing losses as the price of Crude Oil spiralled over 3% during overnight trading.

Exchange Rates
The current interbank midrate is: AUDCAD 0.8783
The interbank range this week has been: AUDCAD 73.80- 71.76

The Australian Dollar (AUD) fell to a fresh yearly low Friday against the Canadian Dollar (CAD) to 0.8760 at Friday’s weekly close and gapped lower at Monday’s open to reach 0.8725 as coronavirus ramped up over the weekend with more confirmed cases and deaths. We have however seen an AUD recovery into Tuesday back to 0.8780 but we suspect this could be a good level to buy the CAD before it continues lower. Crude Oil is over 4% lower on the day dragging down the Loonie (CAD) but better than expected inflation figures should see the CAD retrace moves lower.

Exchange Rates
Current Level: 0.8781
Resistance: 0.8850
Support: 0.8725
Last Weeks Range: 0.8725-0.8891

The RBA minutes confirmed earlier rhetoric around an easing bias with rates to stay low for some time. The Australian Dollar (AUD) has been hit hard this week falling further into the abyss to multi year lows around 0.8760. Decent rises in crude oil has helped the Loonie (CAD) push higher. Yearly inflation also surprised coming in higher than expected rising 2.4% on the year to January 2020 up from 2.2% in December. Aussie employment numbers were benign with Unemployment ticking up to 5.3% from 5.2% starting another wave of falls. From here who knows- I wouldn’t bet against further drops.

Exchange Rates
The current interbank midrate is: AUDCAD 0.8770
The interbank range this week has been: AUDCAD 0.8762- 0.8910

RBA minutes this afternoon from the 4th February policy meeting should set the tone for the week in the Australian Dollar (AUD), Canadian Dollar (CAD) pair balanced around the 0.8890 zone currently. Crude oil is a touch higher overnight supporting the CAD in holiday thinned markets, nothing seems to have driven the rise except perhaps an improvement in sentiment. We turn to Aussie wage data tomorrow and unemployment data later in the week as well as Canadian Retail Sales for direction cues. On the chart the AUD may drop lower in the coming days.

Exchange Rates
Current Level: 0.8880
Resistance: 0.8950
Support: 0.8840
Last Weeks range: 0.8874-0.8953

The Australian Dollar (NZD) narrowly avoided posting a fresh yearly low bouncing off 0.8568 to climb back to 0.8950 midweek against the Canadian Dollar (CAD). With a lack of economic releases this week in the cross focus was on Lowe speaking yesterday. The governor said he was happy with the Chinese stimulus plan which would assist the Australian economy going this year amid uncertainty with coronavirus. Crude oil prices continues to hampen the CAD with price falling 0.6% overnight to 51.35 per barrel but renewed interest in the Loonie after BoC’s Poloz saying the economy is in pretty good shape could see the currency dip back towards 0.8870

Exchange Rates
The current interbank midrate is: AUDCAD 0.8911
The interbank range this week has been: AUDCAD 0.8869- 0.8953

The Australian Dollar (AUD) sank to 0.8850 at the weekly close against the Canadian Dollar (CAD) as risk mood continued to falter on coronavirus fears. A return to risk on a 174B USD Chinese liquidity injection to prop up a weakening economy pushed the Aussie a touch higher through Tuesday to 0.8895. Today’s RBA holds centre of attention with most expecting the RBA to leave rates unchanged at 0.75%. A fall in unemployment late 2019 seems to be enough to be enough to drive stimulus with other data coming in generally better than expected should impact the decision. We don’t imagine much momentum to the topside over the week as coronavirus worsens.

Exchange Rates
Current Level: 0.8890
Resistance: 0.8970
Support: 0.8840
Last Weeks Range: 0.8840-0.8921

The Australian Dollar (AUD) has been further sold this week the fifth straight week of declines to 0.8870 against the Canadian Dollar (CAD confirming the Aussie has not had a winning week in 2020 yet. Risk factors have played a big part this week overshadowing positive fourth quarter Australian CPI. Attention is now on tomorrow’s Canadian GDP for November, with the first monthly decline in October since February 2019, the Canadian economy could be nearing a formal recession if we don’t see a 0.1% number supporting growth. The RBA cash rate Tuesday is next week’s focus with analysts spit on a cut or not from the current 0.75%. 0.8835 marks the long term support going back many, many years, surely at some stage we will see a AUD reversal.

Exchange Rates
The current interbank midrate is: AUDCAD 0.8868
The interbank range this week has been: AUDCAD 0.8857- 0.8966

It’s been all one way traffic in the Canadian Dollar (CAD), Australian Dollar (AUD) cross over the past few days as risk markets deteriorate the pair has fallen to 0.8900 into Tuesday. The Canadian Central Bank maintained the 1.75% rate with the Canadian economy resilient of late but recent activity suggests growth in the medium term could be soft. Market fears regarding the out of control coronavirus flowed into markets late last week taking the Aussie lower. Tomorrow’s Australian Quarterly CPI may give the Aussie some relief with Canadian GDP to print later in the week. Support is seen at the 0.8900 level

Exchange Rates
Current Level: 0.8905
Resistance: 0.9020
Support: 0.8860
Last Weeks Range: 0.8900-0.9049

A dovish rate hold by the bank of Canada sent the Canadian Dollar (CAD) reeling back against the Australian Dollar (AUD) to the 0.0.9050 level Thursday. The central bank maintained the 1.75% rate and the Canadian economy has been resilient but recent activity suggests growth in the medium term could be soft. Positive Australian Jobs data wasn’t enough to rally the Aussie after surprising to the upside with the official Unemployment Rate edging down to 5.1% from 5.2% and the participation number for December rose 28,900 based on consensus of 12,000- the cross falling back to 0.8980 midday Friday linked also to a risk off market tone with fears of further coronavirus spreading.

Exchange Rates
The current interbank midrate is: AUDCAD 0.8988
The interbank range this week has been: AUDCAD 0.8931- 0.9047

The Australian Dollar (AUD) extended last week’s losses into Tuesday in thin market conditions against the Canadian Dollar trading down to 0.8955. The Canadian Dollar has been well bid over the past couple of weeks and continues to dominate a soft Aussie. With a fully booked week of economic data to come including Canadian CPI m/m, The Bank of Canada cash rate and policy announcement and later Aussie employment figures we predict price at week’s end circa 0.8900. A Sharp pullback in the oil price over the last session offset the price back to 0.8970.

Exchange Rates
Current Level: 0.8966
Resistance: 0.9030
Support: 0.8950
Last Weeks Range: 0.8954-0.9038

2019 price points… open 0.9530, close 0.9125, high 0.9615, low 0.8835.
The Canadian Dollar (CAD), Australian Dollar (AUD) hasn’t shifted far from last week’s close, with this week’s lack of economic data to drive momentum we don’t think we will see any major price shifts. With a negative yield curve in the Canadian economy and the Bank of Canada expected to drop the interest rate to accommodate we think price around these levels of 0.9000 won’t last. Expect a rebound in AUD over the next while to retest 0.9150

Exchange Rates
Current Level: 0.9007
Resistance: 0.9070
Support: 0.8980
Last Weeks Range: 0.8904-0.9032

Stats from last year’s trading in the Australian Dollar (AUD), Canadian Dollar (CAD) pair which may be of interest…2019 open 0.9530, close 0.9125, high 0.9615, low 0.8835. These numbers outline the deterioration of the Aussie last year, some would say unfounded based on the Canadian economy offering a negative yield curve- the only country in this situation. 2020 may be the year of the AUD I suspect. Canadian Trade Balance released poor at -1.1B based on expectations of -0.8B in November based largely on a rail strike which disrupted transportation of goods. Price rose back to 0.8960 after the release. Looking forward we have Canadian employment data Friday.

Exchange Rates
The current interbank midrate is: AUDCAD 0.8959
The interbank range this week has been: AUDCAD 0.8903- 0.9028

The Australian Dollar (AUD) continues its slide from last week’s high of 0.9130 to 0.9000 against the Canadian Dollar (CAD) into Friday trading. Despite Canadian manufacturing releasing down on expectations for October at -0.7% the Aussie has been well sold. Solid support around 0.8980 should see the pair push higher, Thursday’s Aussie employment data will be key.

Exchange Rates
The current interbank midrate is: AUDCAD 0.9009
The interbank range this week has been: AUDCAD 0.9002- 0.9070

The AUD has continued to strengthen against the CAD hitting a 3 month high of 0.9136 in the last 12 hours…now back around 0.9125 but if the Aussie can hold over the 0.9100 level on this cross, with unemployment data next week has potential to breakthrough immediate resistance at 0.9140 and on towards the 0.9170 level.

Exchange Rates
The current interbank midrate is: AUDCAD 0.9102
The interbank range this week has been: AUDCAD 0.9003- 0.9136

It’s been a game of two halves for the Australian Dollar (AUD), Canadian Dollar (CAD) cross this week with both central banks announcing cash rates. Price rallied to 0.9120 early in the week on renewed trade war optimism and positive Chinese Data pre RBA announcement. The RBA left rates unchanged at 0.75% saying the global economy remains stable, while risks are still slanted to the downside, the RBA continue to watch intl trade flows and how Trump’s trade negotiations with China are affecting investment and business. The Bank of Canada also left their cash rate unchanged at 1.75% in a perhaps hawkish statement saying growth is expected to tick higher over the next few years. CAD rallied back to 0.9040 after the news and received a bonus when Aussie Retail Sales printed poor pushing price to 0.8980 before reversing back to 0.9000 into Friday.

Exchange Rates
The current interbank midrate is: AUDCAD 0.9001
The interbank range this week has been: AUDCAD 0.8977- 0.9117

Markets turned upbeat off Monday’s open sending risk currencies higher, the Australian Dollar (AUD) throwing aside the last two weeks of choppiness to rally to 0.9070 from the open price of 0.8980. Optimism over a phase one trade deal and positive Chinese Manufacturing data helped to push AUD higher. It’s rare that we see such a massive data calendar this week for the pair with a massive amount of key releases to print. Key will be today’s RBA cash rate and Thursday’s Bank of Canada cash rate. Also, Australian Current Account and Canadian employment. If you were considering getting ahead of the week’s volatility now would be a good time to take advantage of the rate around 0.9060.

Exchange Rates
Current Level: 0.9073
Resistance: 0.9100
Support: 0.8970
Last Weeks Range: 0.8963-0.9078

The Australian Dollar (AUD) has again underperformed against the Canadian Dollar (CAD) to 0.8980 Friday morning. Crude Oil prices have remained stable at around 58.00 per barrel which have been Loonie (CAD) supportive along with better than expected manufacturing data. Canadian Current Account published at -9.9B compared to estimates of -9.5B for the third quarter widening the deficit further but only momentarily stunting CAD momentum to the downside early this morning with price approaching five week support at 0.8960.

Exchange Rates
The current interbank midrate is: AUDCAD 0.8985
The interbank range this week has been: AUDCAD 0.8979- 0.9042

The Australian Dollar (AUD) reached 0.9070 late in the week against the Canadian Dollar (CAD) before giving back gains. Canadian Retail Sales saw demand back in the Loonie after figures showed an improvement in the month of September up 0.5% following an increase of 1.1% in the second quarter. Crude still holds around 58.00 per barrel and could be enough to extend price to the downside. The pair has a fully booked week of economic data to come with tomorrow’s Construction work done and Canadian monthly GDP the main risk events.

Exchange Rates
Current Level: 0.9014
Resistance: 0.9060
Support: 0.9000
Last Weeks Range: 0.8967-0.9069

The Australian Dollar (AUD) recovered off 0.8970 early in the week against the Canadian Dollar (CAD) to trade back to 0.9060 where it stayed most of the week. Friday overnight NY session saw strength in the CAD develop as Crude Oil improved over 2% with price dipping to 0.9010. Poloz was on the wires early Friday and confirmed he recent stance to policy by saying “I think we have monetary conditions about right”. Next week’s Canadian Current Account and GDP will be the focus

Exchange Rates
The current interbank midrate is: AUDCAD 0.9010
The interbank range this week has been: AUDCAD 0.8966- 0.9068

The Australian Dollar (AUD) recovered off 0.8975 Friday with improved risk conditions against the Canadian Dollar (CAD) to end the week at 0.9020. Monday’s lack of any data releases sees the cross trade around the 0.9000 area as it awaits tomorrow’s Australian Construction works completed q/q report followed by Thursday’s Capital Expenditure. Friday’s Canadian Current Account and monthly GDP will also be watched closely with expectations of growth to show a slight improvement of 0.1% for September. This week we foresee a retest of 0.8900

Exchange Rates
Current Level: 0.8986
Resistance: 0.9090
Support: 0.8900
Last Weeks Range: 0.8975-0.9076

Recent sideways activity in the Australian Dollar (AUD), Canadian Dollar (CAD) pair ended Wednesday after poor releases in Australian jobs data. Price has moved from 0.9060 levels down to 0.8980 with Aussie unemployment posting a rise to 5.3% from 5.2% while fulltime and part time employment contracted -19,000. These numbers will be a concern for the RBA who expect unemployment to be lower around 5.2% falling to 5.0% in 2021. This has certainly raised questions on whether the RBA will cut rates on December 3rd. With a more dovish Bank of Canada (BoC) recently it’s hard to know which way momentum is headed towards the end of 2019.

Exchange Rates
The current interbank midrate is: AUDCAD 0.8989
The interbank range this week has been: AUDCAD 0.8974- 0.9075

Choppy conditions continue in the Australian Dollar (AUD), Canadian Dollar (CAD) pair after both currencies have run into headwinds recently. Price hasn’t travelled to far from the weekly open, currently 0.9060. Canadian Job’s numbers printed poor with less numbers than predicted entering the workforce in October, with the Aussie spooked by recent developments during weekend trade tariff negotiations. It’s a quiet week of data for the Loonie with the main focus on Australian Jobs data. Expectations are high for decent numbers and a push towards 0.9100 levels to the top of the recent 10 day range band.

Exchange Rates
Current Level: 0.9066
Resistance: 0.9100
Support: 0.9050
Last Weeks Range: 0.9045-0.9109

The Australian Dollar (AUD) has retained last week’s surge higher against the Canadian Dollar (CAD) extending the recent run to 0.9105 early Friday. Trade Balances in both Canada and Australian have been the difference with Canadian figures printing below estimates while Australian figures showed a massive improvement of 7.18B over 5.1B expected rallying the Aussie. The RBA also kept their cash rate at 0.75% saying hinting that further easing for now is unlikely. Next week’s Australian jobs data is the focus.

Exchange Rates
The current interbank midrate is: AUDCAD 0.9073
The interbank range this week has been: AUDCAD 0.9045- 0.9109

The Australian Dollar (AUD) reversed the previous week’s losses against the Canadian Dollar (CAD) from the low of 0.8905 on the weekly open climbing higher into Thursday to 0.8980. The Bank of Canada (BoC) kept their cash rate on hold at 1.75% but the statement which followed was more dovish than markets were expecting. This opened up a wave of CAD selling with price extending to 0.9115 before falling back to 0.9070 midday Friday. Next week’s slew of data releases should keep the cross busy with the RBA cash rate announcement and Canadian employment on the docket. Price should remain relatively unchanged around 0.9070 through to Monday’s Australian Retail Sales.

Exchange Rates
The current interbank midrate is: AUDCAD 0.9067
The interbank range this week has been: AUDCAD 0.8903- 0.9118

The Australian Dollar (AUD) continued its bearish decline off 0.9020 against the Canadian Dollar (CAD) in a week of Canadian Elections. Justin Trudeau was triumphant in the federal elections as his Liberal Party won the majority of votes- 157 seats in the country’s total 338 seat House of Commons. He will now need to govern with smaller parties but the overall take is this result was an unexpectedly stronger than expected results for the Liberals. In the wash up, the Loonie strengthened over the news across the board. Canadian Retail Sales published poor down -0.1% based on the 0.4% markets were predicting but the data was mostly overshadowed by the election results. Long term support in the pair sits at the 0.8860 area, if next week’s Australian quarterly CPI is poor, we could see this retested.

Exchange Rates
The current interbank midrate is: AUDCAD 0.8909
The interbank range this week has been: AUDCAD 0.8902- 0.9019

The Australian Dollar (AUD) extended last week’s rally against the Canadian Dollar (CAD) to 0.9020 early Tuesday before dropping back at 0.8980. Canadian Federal Elections are in full flight with results expected in a few hours. Currently both Conservative and Liberal governments won’t be able to form the majority of the 170 seats required from the 338 in total with both needing to team up to pass legislation. Trudaeu’s right wing party are battling to stay in power with the Conservative gaining ground over the past few days. On the data front Canadian Retail Sales is the main focus Wednesday. We are expecting a Trudeau victory which should be good for the Loonie and send price back towards last week’s low of 0.8880

Exchange Rates
Current Level: 0.8986
Resistance: 0.9030
Support: 0.8860
Last Weeks Range:0.8880-0.9021

Late last week’s bearish momentum in the Canadian Dollar (CAD), Australian Dollar (AUD) pair continued into Thursday with the cross dipping to 0.8880. Canadian monthly CPI was slightly worse than expected printing at -0.4%, helped along with Australian employment data price was back towards 0.8990 Friday. The Australian unemployment rate has fallen to 5.2% from 5.3% the first drop since February when it peaked at 4.9%. This represents good news for the RBA who have cut rates three times this year to try and revive growth and employment.

Exchange Rates
The current interbank midrate is: AUDCAD 0.8967
The interbank range this week has been: AUDCAD 0.8879- 0.9000

Fantastic Canadian Employment figures took the Australian Dollar (AUD) off its Friday high of 0.9035 down to 0.8920 into Monday as buyers sought the CAD in thin US and Canadian holiday markets. Price didn’t last long down here reversing back to 0.8970 midday Tuesday. Volatility in the pair should continue over the week with Canadian CPI m/m and Australian employment numbers printing at the end of the week. Watch for the RBA minutes today, we are not expecting anything new, but you never know. Bearish momentum towards the prior daily close of 0.8860 is predicted over the coming days.

Exchange Rates
Current Level: 0.8949
Resistance: 0.9015
Support: 0.8930
Last Weeks Range: 0.8921-0.9036

The Australian Dollar (AUD), Canadian Dollar (CAD) has not moved far from the weekly open of 0.9000 based on a lack of economic data. With 0.8950 the low and trading currently up around 0.8990. Looking forward we have Canadian employment tomorrow morning which is expected to print at 5.7% unemployment and 11,200 additional heads added to the Canadian economy. August figures increased by 81,000 so expectations of similar positive data are high. While the AUD enjoys some recent support off the low of 88.30 buyers of CAD should consider these levels with the AUD still underperforming.

Exchange Rates
The current interbank midrate is: AUDCAD 0.8986
The interbank range this week has been: AUDCAD 0.8950- 0.9005

The Australian Dollar (AUD) has been the beneficiary of poor Canadian data this week coming off the mid-week low of 0.8835 to climb just shy of 0.9000 into Friday. Officially the Canadian economy has stalled in July raising concerns around the slowdown in Oil and gas being the main contributor. With GDP at 0.2% in June this drop is the largest since 2016 and sparks worries around the second half of the year potential downturn. Crude Oil holds around the 52.00 area but has fallen sharply off Monday’s open putting added pressure on the Loonie. Earlier in the week The RBA cut their overnight cash rate from 1.0% to 0.75% in efforts to boost economic growth with Lowe saying he needed full employment and targeted inflation. The Aussie remains fundamentally bearish with lingering global trade tensions, those buying CAD should grab it while 0.9000 represents an improvement in recent levels.

Exchange Rates
The current interbank midrate is: AUDCAD 0.8997
The interbank range this week has been: AUDCAD 0.8835- 0.9005

The Australian Dollar (AUD) continued to ease lower to 0.8930 against the Canadian Dollar (CAD) in a week lacking economic data. Crude Oil consolidation continues to hanpen the CAD generally but overnight price dropped to 54.20 a shift of over 3% as sanction in Iran heat up. A daily close through massive support at 0.8920 could spell further downward bias for the Aussie. Today’s RBA announcement at 5.30 NZT should reflect a cut of 25 points taking the cash rate to 0.75% pressuring the Aussie.

Exchange Rates
Current Level: 0.8939
Resistance: 0.9140
Support: 0.8900
Last Weeks Range: 0.8923-0.9019

No data out in Canada this week has meant the Canadian Dollar (CAD) has followed leads from the Australian Dollar (AUD) with price moving lower in the pair through 0.9000 to 0.8950 levels. Crude Oil consolidated around 56.50 offering to impact to the cross. RBA’s Lowe was on the wires saying his economy is at a “gentle turning point” and at the board meeting next week on Tuesday “we will again take stock of the evidence”. Long term massive support in the cross stands just below 0.8900, if the AUD drifts below this level we could see larger declines.

Exchange Rates
The current interbank midrate is: AUDCAD 0.8960
The interbank range this week has been: AUDCAD 0.8943- 0.9015

Early in the week the Australian Dollar (AUD), Canadian Dollar (CAD) pair recovered to 0.9125 after dipping to 0.9075 based on the oil price spike, but Tuesday the Aussie was soon under pressure. Canadian CPI m/m printed at -0.1% less than the -0.2% markets were expecting. Year on year CPI came in at 1.9% to August down from the 2.0% in July. Australian Jobs data fall short of market expectations when the unemployment rate rose to 5.3% from 5.2% although employment numbers increased by 22,000 from 15,000. Trading Friday price is holding up around the 0.9000 level but we see a retest of the low at 0.8910 on the horizon.

Exchange Rates
The current interbank midrate is: AUDCAD 0.9001
The interbank range this week has been: AUDCAD 0.8990- 0.9125

With the Crude Oil price jumping over 20% to 62.50 per barrel after a Saudi Arabia oil field was bombed over the weekend price in the Australian Dollar (AUD), Canadian Dollar (CAD) fell to 0.9070 from 0.9140 on Monday’s open. It has since recovered slightly to 0.9100 as we await further news as to how oil reserves will impact price over the next few days with overall market supply. The RBA publish their policy minutes from the last meeting on 3 Sep today along with House Price Index results for the second quarter ending June with expectations of a drop of 1% in the house price medium. Attention will then turn to Canadian CPI m/m and later in the week Aussie employment data with unemployment expected to remain at 5.2%. Although the last two weeks have been profitable for the AUD trading off the low off 0.8915 we still think downside risks remain.

Exchange Rates
Current Level:0.9074
Resistance:0.9120
Support: 0.9060
Last Weeks Range: 0.9065-0.9143

A quiet week of any meaningful economic data in the Canadian Dollar (CAD), Australian Dollar (AUD) cross has seen the Aussie extend last week’s gains to 0.9080 in general risk on conditions. NAB Business confidence showed a slight deterioration in August with Westpac consumer sentiment also printing down on expectations with pressures continuing on family finances and concerns around near term economic outlook. Price at 0.9070 sits at a six-week high with strong resistance on the chart at 0.9100. Next week’s calendar should give us more volatility with Australian employment figures and Canadian CPI m/m publishing.

Exchange Rates
The current interbank midrate is: AUDCAD 0.9074
The interbank range this week has been: AUDCAD 0.9004- 0.9089

The Australian Dollar (AUD) has pushed higher Monday continuing last week’s form off the low of 0.8925 back over 0.9000 psychological level to 0.9045 Tuesday. A healthy risk appetite continues with US equities extending their run off the back of last week’s with China agreeing to sit back at the table with US officials to nut out trade negotiations. Canadian employment boosted the CAD momentarily Friday after figures showed 81,000 people were added to the workforce and the unemployment rate remained stable at 5.7%. With a lack of any real data publishing this week price may drift around current levels, perhaps track a touch higher is risk allows.

Exchange Rates
Current Level:0.9036
Resistance: 0.9050
Support: 0.8930
Last Weeks Range: 0.8924-0.9056

The Australian Dollar (AUD) pushed higher to 0.9050 midweek as buoyant economic data surprised taking price to a two week high against the Canadian Dollar (CAD). The Bank of Canada left rates unchanged Thursday at 1.75 the seventh time in a row and surprisingly indicated no further cuts were on the radar. The Loonie recaptured earlier losses trading back under 0.9000 a pivotal level to 0.8985. Aussie Trade Balance followed printing higher than predicted taking the cross back above 0.9000 into Friday. Next week will be quiet on the data front, we see topside action capped around 0.9050

Exchange Rates
The current interbank midrate is: AUDCAD 0.9008
The interbank range this week has been: AUDCAD 0.8923- 0.9050

It’s a massive week on the calendar for data in the Canadian Dollar (CAD), Australian Dollar (AUD) pair with a slew of market moving reports to publish. After a week of wild swings, the cross has looked settled so far this week with a Canadian holiday monday making for thin trading conditions. Price waits around 0.8950 level with Aussie Retail Sales, Current Account and the all important RBA cash rate announcement and statement at 4.30 NZT. No change from the 1.0% is forecast today. Thursday’s Bank of Canada rate announcement and statement publish early Friday morning and is also not expected to change from the current 1.75%. Last on the docket is Canadian employment saturday morning. Moves this week will be clearly data dependant its anyone’s guess as to where the cross could close the week- My prediction is somewhere around 0.8900

Exchange Rates
Current Level: 0.8940
Resistance: 0.9050
Support: 0.8910
Last Weeks Range: 0.8911-0.8996

A risk on, risk off mood this week was captured in the Australian Dollar (AUD), Canadian Dollar (CAD) pair with volatility high. Price initially looked to push back into the 90’s but was met with poor Australian Construction figures followed by CAPEX results. Construction in Australia has worsened with a contraction over the second quarter. At around 0.8950 Friday we are close to the weekly low and expect to see a break lower if today’s Building Approvals prints down on predictions.

Exchange Rates
The current interbank midrate is: AUDCAD 0.8924
The interbank range this week has been: AUDCAD 0.8915- 0.9013

The Australian Dollar (AUD) fell to a three week low of 0.8915 on Monday’s open against the Canadian Dollar (CAD) as currencies gaped lower on trade war fears. Equity markets and risk assets then made up losses when reports surfaced that Chinese officials called Trump wanting to restart trade talks. Better than expected Canadian Retail Sales was overshadowed by the initial escalation of trade was tensions. Any momentum towards 0.9020 looks well capped with further declines expected this week on risk appetite. Canadian Current Account and Aussie Building approvals print Friday.

Exchange Rates
Current Level: 0.8971
Resistance: 0.9040
Support: 0.8920
Last Weeks Range: 0.8906-0.9046

The Australian Dollar (AUD) looks to have turned a corner against the Canadian Dollar (CAD) as price pushed back over 0.9000 Monday to 0.9015. With recent CAD weakness and last week’s upbeat employment figures the Aussie has enjoyed fresh support coming off the low of 0.8880 a fortnight ago. Today’s monetary policy minutes from the RBA meeting on August 6th holds market attention with CAD Retail Sales later in the week. More AUD/CAD updates.

Exchange Rates
Current Level: 0.9008
Resistance: 0.9050
Support: 0.8980
Last Weeks Range: 0.8930-0.9047

The Australian Dollar (AUD) has steadily improved over the week against the Canadian Dollar (CAD) back into the 90’s to 0.9030 after Aussie employment data impressed. Wage price inflation rose to 0.6% from 0.5% for the quarter to June as well as an increase to the number of new people employed which rose from a flat 500 in June to 41,000 in July after an expected 15,000 was predicted. The unemployment rate stayed at 5.2% since rising in March from 5.0%. Crude oil is holding steady around the 54.00 area but dipped 1% overnight putting added strain on the Loonie. Market focus is now with next week’s Canadian CPI m/m and Retails Sales. I’m picking a continuation of the current trend with price reaching 0.9050 before the weekly close.

Exchange Rates
The current interbank midrate is: AUDCAD 0.9025
The interbank range this week has been: AUDCAD 0.8921- 0.9042

The Australian Dollar (AUD) perked up to 0.9050 late last week against the Canadian Dollar in what turned out to be a weekly high before retracing earlier moves lower. Canadian Unemployment came in terrible for the second month running as jobs numbers shrank to -24,000 after a rise of 15,000 was expected. Also unemployment rose to 5.7% from 5.5% boosting rhetoric around whether the Bank of Canada should cut rates. Tuesday’s price sees the cross trading just off the historical low seen last week at 0.8940. A retest of 0.8885 looks on the cards if Australian jobs data doesn’t improve this week.

Exchange Rates
Current Level: 0.8945
Resistance: 0.9050
Support: 0.8890
Last Weeks Range: 0.8889-0.9050

After reaching a historic low of 0.8890 post RBNZ announcement Wednesday the Australian Dollar (AUD), Canadian Dollar (CAD) bounced sharply higher Friday to 0.9050 a weekly high. Crude Oil continues to put pressure on the CAD although it rose 3% overnight to 53.00. The RBA announced Tuesday they were keeping the benchmark cash rate at 1.0% with the global outlook remaining questionable and inflation expectations low. This had very little impact on the Aussie dollar movement after the release. An easing bias still remains for the RBA with expectations of further cuts expected based on a “if needed” scenario. Key Canadian Unemployment prints to tomorrow morning is not the focus. Anyone sellers of AUDCAD should consider current prices.

Exchange Rates
The current interbank midrate is: AUDCAD 0.9008
The interbank range this week has been: AUDCAD 0.8889- 0.9050

The Australian Dollar (AUD) continued its fortnight run lower into Tuesday against the Canadian Dollar (CAD) to 0.8920, the lowest price seen in many years. Strong Canadian Trade Balance at 0.1B compared to -0.3B forecast boosted the CAD Friday into the close, despite falling Crude Oil values. Today’s RBA cash rate and statement is the highlight on the calendar this week with markets split as to whether we will see a cut to 0.75% or pause until the November meeting. We expect more downside to continue.

Exchange Rates
Current Level: 0.8949
Resistance: 0.9070
Support: 0.8915
Last Weeks Range: 0.8901-0.9095

As we noted in the last commentary the Australian Dollar (AUD) has been unable to hold the support level of 0.9070 falling to a multi year low against the Canadian Dollar (CAD) to 0.8990. Quarterly CPI rose to 0.6% from 0.5% markets were expecting causing a pause to the downside midweek momentum, but with Canadian GDP releasing at 0.2% after 0.1% highlighting a third straight month of increases the Aussie was again under heavy pressure. With price extending below 0.9000 we could see further lower levels reached especially if next week’s RBA on Tuesday is dovish going forward.

Exchange Rates
The current interbank midrate is: AUDCAD 0.8991
The interbank range this week has been: AUDCAD 0.8976- 0.9067

The Australian Dollar (AUD) continues to not only look very poorly against the Canadian Dollar (CAD) but across the board as it has depreciated a large chunk over the past week. Two weeks prior the Aussie had one of its best weeks of 2019 rallying 150 points to 0.9250 but has since continued its bearish quest to scary low levels today of 0.9080. There is not much cushion between solid support of 0.9070 and dropping further into the abyss and levels not seen for several years. Today’s Aussie Building Approvals and tomorrow’s quarterly CPI should give us more clues as to direction and where we can expect price to be. Also later this week Australian Retail Sales followed by Canadian Trade Balance will be closely watched by markets. With the CAD offering 1.75% and the AUD 1.0% return on cash lower prices in this pair may already be a forgone conclusion especially with talk of the RBA easing further.

Exchange Rates
Current Level: 0.9086
Resistance: 0.9200
Support: 0.9070
Last Weeks Range: 0.9076-0.9246

Support for the Australian Dollar (AUD) over the past two weeks ended abruptly Tuesday after price moved sharply lower from the 0.9240 high to 0.9130 against the Canadian Dollar (CAD). Initially continuing last week’s momentum with disappointing Canadian Core Retail Sales -0.3% vs +0.3% devaluing the CAD. But with RBS’s Lowe making comment more cuts could be on the horizon economic data dependant the Aussie lost its mojo sinking a fresh weekly low. Unplanned outages and sanctions on Iran and Venezuela to oil production suggesting a recent decrease of around 8% are the reasons why oil prices have been recently well supported thus boosting the Loonie. Next week’s Canadian monthly GDP and Australian Retail Sales feature.

Exchange Rates
The current interbank midrate is: AUDCAD 0.9140
The interbank range this week has been: AUDCAD 0.9132- 0.9247

We have seen choppy trading in this pair over the past week, but ultimately it’s the Australain dollar (AUD) which has had the upper hand. Disappointing data from Canada at the end of last week, in the form of Core Retail Sales which printed at -0.3% vs +0.3% expected, pressure the Canadian dollar (CAD) and helped to drive the pair to the week’s high of 0.9241. Currently the market is trading just below there at 0.9231. The economic calendar this week looks very light from both countries with just a speech from RBA Gov Lowe of any note. We favour the AUD continuing to outperform the CAD with a target of 0.9315 over the coming week or two.

Exchange Rates
Current Level: 0.9231
Resistance: 0.9315
Support: 0.9165
Last Weeks Range: 0.9142-0.9242

The Australian dollar (AUD) has had a strong week against its Canadian counterpart rallying from a low of 0.9072 to currently trade at 0.9182, just shy of key resistance around 0.9200. A dovish statement from the Bank of Canada after their latest interest rate meeting helped to drive the move, as did yesterday’s release of stronger than forecast Chinese activity data. All eyes now shift to the RBA minutes set for release in the coming hours. On Thursday we then have Australian employment numbers to digest. Resistance around 0.9200 should provide a tough barrier to crack, and any move above there would be a bullish sign.

Exchange Rates
Current Level: 0.9184
Resistance: 0.9200
Support: 0.9070
Last Weeks Range: 0.9073-0.9187

The Canadian dollar (CAD) has outperformed the Australian dollar (AUD) over the past week, driving the pair to a low of 0.9110 in the wake of Fridays employment data. That’s the second time the pair has tested the 0.9110 area, after bouncing from there a couple of weeks ago. Whether or not that support level continues to hold will largely depend on what the Bank of Canada say at their regular interest rate meeting this week. They are not expected to cut interest rates at all and they may well upgrade their forecasts for GDP over the coming months. That should support the CAD and potentially see the AUDCAD have another crack at 0.9110 support.

Exchange Rates
Current Level: 0.9130
Resistance: 0.9200
Support: 0.9110
Last Weeks Range: 0.9110-0.9204

The Australian Dollar (AUD), Canadian Dollar (CAD) pair has been bouncing around current range bound levels for a couple of weeks now pivoting around the 0.9160 area. A massive Canadian Trade Balance with a surplus of 762 million for May just the second time since March 2017 and a positive Australian Trade Balance and Building Approvals resulted in the cross going nowhere. The RBA cut their benchmark cash rate from 1.25% to 1.0% Wednesday for the second straight month. The first time back to back cuts have happened in seven years as the RBA tries to front foot ongoing slowing growth. The sole policy of every central bank in the world is asset price inflation by providing cheap money to stimulate growth and inflation. Next week’s Bank of Canada cash rate release and statement should give the pair direction.

Exchange Rates
The current interbank midrate is: AUDCAD 0.9171
The interbank range this week has been: AUDCAD 0.9124- 0.9204

The Australian Dollar (AUD), Canadian Dollar (CAD) broke its range bound mould Monday after dropping below support of 0.9160 to 0.9130 as risk investors left the table. The Aussie is weaker heading into today’s RBA announcement- perhaps a sign of things to come? Consensus suggests the RBA will deliver a dovish statement and cut their cash rate from 1.25% to 1.0% today at 4.30 NZT. The Reserve Bank of Australia look ready to deliver back to back cuts as they have recently signalled that easing policy will be needed to boost economic growth. Inflation dropped from 1.8% to an alarming 1.3.% in April and unemployment is starting to rise. However the initial analysis on perceived further cuts was that the RBA would cut in August because the data wasn’t weak enough, this was said only a few days ago. Traditionally if this is anything to go off, the RBA has gone two moves- 3 months apart, if they stick to this we will see rates unchanged today and a higher AUD.

Exchange Rates
Current Level: 0.9152
Resistance: 0.9200
Support: 0.9100
Last Weeks Range: 0.9125-0.9203

Price in the Australian Dollar (AUD), Canadian Dollar (CAD) pair has flatlined around 0.9175 this week. I would suggest a stand off between heavy buyer interest back in Crude Oil and the surging commodity markets cancelling out any real shifts and offsetting Loonie bearishness stemming from poor recent Canadian Retail Sales. Canadian m/m GDP is expected to be positive around 0.2% and show the first back to back expansion since late 2018. We expect downside risks to continue with 0.9120 to be retested.

Exchange Rates
The current interbank midrate is: AUDCAD 0.9170
The interbank range this week has been: AUDCAD 0.9154- 0.9196

The Australian Dollar (AUD) has recovered off its multi-year low of 0.9100 against the Canadian Dollar (CAD) pushing higher to 0.9190 during the overnight NY session. Canadian Retail Sales printed poor Friday at 0.1% from the 0.3% markets were expecting and seemed like the saving grace of the cross falling below the key level of 0.9100. Risk currencies have enjoyed a little relief this week with Trump and the Chinese officials confirming they would get together at Thursday’s G20 and discuss trade options. We still expect the downside to be further tested.

Exchange Rates
Current Level: 0.9173
Resistance: 0.9250
Support: 0.9120
Last Weeks Range: 0.9105-0.9212

The Australian Dollar (AUD) broke new ground lower this week to 0.9120 against the Canadian Dollar (CAD) bringing into play the massive multi year low of 0.9100. Three significant factors have influenced price this week in the pair- A dovish RBA Lowe speech with at least one further rate cut this year to be expected. Crude Oil rallied to 57.00 a whole 5.5% and Canadian m/m CPI printed at 0.4% much higher than the 0.1% markets predicted. Holding key support of 0.9100 looks a tall order, we don’t expect this level to hold but Canadian Retail Sales could determine tonight.

Exchange Rates
The current interbank midrate is: AUDCAD 0.9125
The interbank range this week has been: AUDCAD 0.9113- 0.9229

The Australian Dollar (AUD) recovered slightly at the weekly close rebounding back to 0.9230 against the Canadian Dollar (CAD) but continued its demise overnight to 0.9185 with a lack of buyer support for the Aussie. Crude Oil continues to bounce around, Crude dropping 1% during overnight trading to 51.90, but with big picture geopolitical outcomes weighing on the AUD especially with Chinese data printing poor such as Friday’s Industrial Production this continues to weigh on the Aussie. All eyes will be on Today’s RBA minutes from the 4th June Monetary Policy Statement. 0.9100 marks a level which has not been seen prior to 2013. Should the pair travel this low it’s anyone’s guess how low it could go.

Exchange Rates
Current Level: 0.9191
Resistance: 0.9230
Support:0.9175
Last Weeks Range: 0.9178-0.9254

The Australian Dollar (AUD) lost further ground against the Canadian Dollar (CAD) this week extending a second week of declines to 0.9205. Aussie employment numbers were mixed with the unemployment rate up at 5.2% based on 5.1% predictions. The country added more than 42,000 to the workforce but the gains were mostly part time workers at 39,800 which kept the AUD under pressure. On the upside the participation rate clicked higher to 65.9% to 66% in May which is a record high. Crude Oil continues to depreciate trading now just over 51.00 per barrel but this strangely has had no real impact on downside to the CAD. The cross now trades only a few points away from the yearly low of 0.9200 and looks to retest this level.

Exchange Rates
The current interbank midrate is: AUDCAD 0.9209
The interbank range this week has been: AUDCAD 0.9178- 0.9284

The buoyant Australian Dollar (AUD) turned sharply lower mid last week off 0.9400 levels closing the week against the Canadian Dollar (CAD) around 0.9300. The loonie has extended its run into Tuesday reaching a fresh two week low of 0.9230. Late Friday a solid Canadian employment figures surprised markets with an additional 5,000 people were expected to be added to the labour force but the number turned out to be much higher at 27,000, this follows the stellar print from the 106,000 increase in April. The unemployment rate also was impressive dropping to 5.4% from 5.7% expected. 0.9200 offers huge support in the cross, a drop through here could spell a much larger decline lower.

Exchange Rates
Current Level: 0.9230
Resistance:0.8830
Support: 0.8700
Last Weeks Range: 0.9225-0.9393

The AUD has given back some of last week’s gains and after opening the week at a high of 0.9394 is now back around the 0.9345 mark. With pretty much all the negative news priced into the AUD if 0.9325 holds , buyers of AUD at current levels should be rewarded with a move towards 0.9400 and above.

Exchange Rates
The current interbank midrate is: AUDCAD 0.9345
The interbank range this week has been: AUDCAD 0.9331- 0.9395

The Australian dollar (AUD) has outperformed the Canadian dollar (CAD) this week, rallying from a low of 0.9288 to currently trade around 0.9350. The Bank of Canada rate decision last night failed to provide any significant surprises with the overnight cash rate held steady at 1.75%. We have some economic data from both countries out over the next day or so, with Private Capital Expenditure from Australian and GDP from Canada, but the main event in the coming week will be the RBA interest rate decision on Tuesday 4th June. A rate is almost a certainty and that should provide a bit of volatility in the AUD. We continue to view in dips in the AUDCAD cross as a buying opportunity with the AUD looking to make further gains against the CAD.

Exchange Rates
The current interbank midrate is: AUDCAD 0.9352
The interbank range this week has been: AUDCAD 0.9291- 0.9368

With Crude Oil back below 60.00 per barrel, dropping to a low of 58.20 late in the week the Australian Dollar (AUD) bounced off the low of 0.9200 to recoup earlier losses pushing as high as 0.9320 Friday versus the Canadian Dollar (CAD). Earlier global concerns weighed in again after poor US data which led to falls in equities and commodity currencies. Price action looks to retrace towards the earlier low with a thin calendar through to Thursdays Bank of Canada Cash rate announcement and policy statement. An unchanged 1.75% is widely expected with inflation meeting the target range in the first quarter this year.

Exchange Rates
Current Level: 0.9303
Resistance: 0.9370
Support: 0.9200
Last Weeks Range: 0.9200-0.9315

With Crude Oil prices falling overnight to 58.10 a 5.7% drop in value this devalued the Canadian Dollar (CAD) back off the midweek low of 0.9201 to 0.9300 levels morning versus the Australian Dollar (AUD). Earlier the RBA ensured movement was limited to the downside (low of 0.9201) after commenting midweek that they have finally realised, after poor recent employment data the economy is slowing. This in turn should see a cut to the cash rate at the June 4 meeting with possibly another cut to follow later in the year. Core Canadian Retail Sales also initially boosted the CAD when they published at a whopping 1.7% from the expected 0.8% earlier yesterday. We think price should retrace back towards the early week low of 0.9201 when a lack of support for the AUD resumes.

Exchange Rates
The current interbank midrate is: AUDCAD 0.9273
The interbank range this week has been: AUDCAD 0.9201- 0.9312

The AUD has opened the week with a stronger tone against the CAD up at 0.9310, but has subsequently slid to the 0.9290 level as the risk averse tone continues across all markets as China/US trade tensions ratchet higher and concerns around an RBA rate cut next month…Given the potential for the US/Canada trade agreement to be settled look for the CAD to revert to its upward trend against the AUD on this cross…moves back into the mid 0.9300 level should be taken as AUD selling opportunities.

Exchange Rates
Current Level: 0.9284
Resistance: 0.9450
Support: 0.9230
Last Weeks Range: 0.9229-0.9397

Although the CAD has weakened against the USD over the week, the prevailing risk-off tone and election uncertainty has seen the AUD weaken on cross throughout the week. From 0.9390 on Monday the AUD/CAD is now around 0.9274 …0.9260 level should hold for the day heading into the weekend and election but a break of this level would see a test of 0.9200/05 support mark , last seen in October last year.

Exchange Rates
The current interbank midrate is: AUDCAD 0.9276
The interbank range this week has been: AUDCAD 0.9262 – 0.9431

The Australian Dollar (AUD) has fallen four weeks’ straight against the Canadian Dollar (CAD) to 0.9360 Tuesday. Overnight US equities dropped more than 2.5% each across all three indices with a risk averse feel back dominating market movement. With further break down in trade talks between the US and China the Aussie will continue to remain under pressure as this has massive economic consequences. Canadian employment rose by a massive 107,000 Saturday rebounding after falling in March with notable increases in part time work for the youth. The unemployment rate also dropped to 5.7% from 5.8% the releases taking the cross from the 0.9420 area to 0.9370. With more risk on the table with US China trade we see the Aussie retesting the early March low of 0.9320.

Exchange Rates
Current Level: 0.9363
Resistance: 0.9430
Support: 0.9340
Last weeks Range: 0.9348-0.9456

The Australian Dollar (AUD) drifted lower against the Canadian Dollar (CAD) as markets continued its risk off mood. The RBA left the cash rate unchanged Tuesday at 1.5% with a neutral wait and see style slant, initially dropping the Aussie to 0.9365 before it recovered to 0.9460. Canadian Trade Balance published down on expectations of -2.4B at -3.2B with imports increasing 2.5% in March narrowing the deficit from -3.4B in February. Canadian Jobs numbers prints early tomorrow. Currently trading around the 0.9420 area we see further downside in the pair eventuating.

Exchange Rates
The current interbank midrate is: AUDCAD 0.9422
The interbank range this week has been: AUDCAD 0.9376- 0.9456

The Australian Dollar (AUD) continued to lose ground against the Canadian Dollar (CAD) towards the end of the week dropping to 0.9420 at the close. Aussie Building approvals printed a disappointing number of -15.5% versus -12.5 confirming further deterioration in the Australian property market. The CAD held the upper hand into the weekly close and continued its run into Tuesday. Today’s Retail Sales and RBA cash rate and monetary statement promises to be action packed.

Exchange Rates
Current Level: 0.9394
Resistance: 0.9510
Support: 0.9315
Last Weeks Range: 0.9373-0.9508

The Australian Dollar (AUD) has been the worst performer over the week across the board and dropping in value 0.53% against the Canadian Dollar (CAD). Canadian GDP contracted -0.1% for February following 0.3% growth in January pushing the CAD initially lower. But talk of a rate cut in next Tuesday’s RBA announcement has investors selling the Aussie. Today’s Building approvals looks to be crucial to affecting the decision with the property market performing poorly. Price Friday hovers around the 0.9420 close to the seven week low of 0.9410

Exchange Rates
The current interbank midrate is: AUDCAD 0.9417
The interbank range this week has been: AUDCAD 0.9411- 0.9507

The Australian Dollar (AUD) held around the 0.9440 area late during Friday trading against the Canadian Dollar (CAD) going on to reverse early week losses back to 0.9500 levels leading into the close. Crude Oil prices have come off earlier highs bringing sellers of CAD back into the picture. Currently price is holding steady circa 0.9490 levels with Canadian m/m GDP to print tomorrow and Aussie Building Approvals Friday.

Exchange Rates
Current Level: 0.9477
Resistance: 0.9500
Support: 0.9440
Last Weeks Range: 0.9438-0.9540

A combination of Australian dollar (AUD) pressure and stronger crude oil prices boosting the Canadian dollar (CAD), helped to dive this pair lower throughout the past week and overnight it reached 0.9502 before staging small bounce. Today’s Australian inflation data will be key for direction going forward. We suspect the risks are skewed toward a weaker than forecast result, and further AUD weakness. Support at 0.9480 is the next target.

Exchange Rates
Current Level: 0.9533
Resistance: 0.9600
Support: 0.9480
Last Weeks Range: 0.9502-0.9606

On this cross the AUD has rallied from 0.9516 to around 0.9570 mainly on the back of the softer data from Canada pointing to a slowdown in the Canadian economy for Q1. We favour the AUD on this cross and look for a break over the 0.9600 level to test 0.9620 later in the week.
Exchange Rates
Current Level: 0.9563
Resistance: 0.9600
Support: 0.9440
Last Weeks Range: 0.9476-0.9581

The Australian Dollar (AUD) extended its edge over the Canadaian Dollar (CAD) this week reaching a fresh high of 0.9565 after RBA governor talked up the economy. Debelle said they are in a position to lower rates from the current 1.50% and he would watch incoming data to make a call on if the housing market was stabalising. Wow really?. Crude oil came off its current high falling back to 63.70 down 1.60% overnight based on the (IEA) International Energy Agency saying ongoing global uncertainty could lead to lower demand. Risk sentiment dragged the Aussie lower, the CAD has recovered to 0.9530 during NY.

Exchange Rates
The current interbank midrate is: AUDCAD 0.9530
The interbank range this week has been: AUDCAD 0.9477- 0.9564

The Australian Dollar (AUD) rose to 0.9450 Friday against the Canadian Dollar (CAD) buoyed by a string of fantastic AUD data releases ending with Retail Sales printing at 0.8% from the 0.3% experts were predicting. Price fall back towards 0.9500 at the close of business Friday after being at 0.9550- based on the Canadian Employment release and Crude Oil tracking to new highs. This week price has been bouncing around the 0.9500 area as markets await Westpac consumer sentiment.

Exchange Rates
Current Level: 0.9481
Resistance: 0.9550
Support: 0.9415
Last Weeks Range: 0.9549-0.9415

Governor Lowe left rates on hold at 1.50% Tuesday saying the outlook for a global downturn is real with downside risks ahead for the Aussie economy. The Aussie weakened to around 0.9415 against the Canadian Dollar (CAD) but was soon back trading at the 0.9500 mark Friday. The CAD has generally been a little choppy but with Crude Oil prices holding up over 62.00, this has given strong support for the Loonie across the board but with price now trading in the red overnight this has put pressure firmly back on the CAD. Canadian employment data publishes tomorrow morning with a slightly negative jobs number predicted with unemployment expected to remain at a hefty 5.8%

Exchange Rates
The current interbank midrate is: AUDCAD 0.9512
The interbank range this week has been: AUDCAD 0.9414- 0.9523

The Australian Dollar (AUD) started the week on a positive note gaping to 0.9530 on risk sentiment but was soon under pressure from the Canadian Dollar (CAD) after strong overnight Crude oil prices pushed buyers into CAD. Crude rallied to 61.55 the high where it currently sits. Earlier we saw price drop back to 0.9470 after Canadian monthly GDP printed much higher at 0.3% than the 0.1% markets were expecting offsetting declines from late 2018. Current levels represent good buying levels buying CAD after being as low as 0.9315 in early March.

Exchange Rates
Current Level: 0.9460
Resistance: 0.9520
Support: 0.9410
Last Weeks Range: 0.9451-0.9562

The Australian Dollar (AUD) retreated from its mid week high of 0.9562 against the Canadian Dollar (CAD) to around 0.9500 levels in what has been a choppy week. No real significant data has left the pair drifting around the weekly open. Tomorrows Canadian m/m CPI should give us more to go on.

Exchange Rates
The current interbank midrate is: AUDCAD 0.9512
The interbank range this week has been: AUDCAD 0.9485- 0.9562

The Australian Dollar (AUD) continued is push higher on Monday’s open to 0.9455 against the Canadian Dollar (CAD) a seven week high. Crude oil has tracked lower off its recent highs and Friday’s Retail sales put the CAD well on the backfoot with the release disappointing. This week’s focus will be firmly on Canadian m/m GDP for April with March showing a poor -0.1%.

Exchange Rates
Current Level: 0.9528
Resistance:0.9600
Support: 0.9480
Last Weeks Range: 0.9413-0.9547

The Australian Dollar (AUD) has climbed to 0.9520 this week against its struggling Canadian Dollar (CAD) counterpart. This to me doesn’t make a lot of sense after Crude oil is trading just off the November high of 60.40 at 59.80 which would usually suggest significant buyer interest in the CAD but this has not happened. Yesterday’s buoyant Australian jobs data pushed up interest in the Aussie but overall the lack of any CAD buying does suggest to me how much the Canadian economy is struggling. We know how much the BoC was dovish in their last meeting, but I suspect they are staring down the barrel of a rate cut fairly soon.

Exchange Rates
The current interbank midrate is: AUDCAD 0.9504
The interbank range this week has been: AUDCAD 0.9411- 0.9521

Despite recent strong employment data the Canadian Dollar (CAD) has struggled to gain any momentum over the past three weeks of trading. Last week the Australian Dollar continued its bullish run higher to 0.9450 and Tuesday 0.9470. Crude Oil prices are the highest they have been in 5 months at reaching 59.20 but this has failed to spark CAD buyers. Usually with such a decent spike in Crude we would see strong CAD strength but this just hasn’t eventuated showing how much the Canadian economy is under the pump. RBA minutes today and Thursday’s Aussie jobs data along with Saturday’s Canadian CPI could make for a volatile cross. Huge resistance is seen at 0.9500 – if price travels through here we could see 0.9570

Exchange Rates
Current Level: 0.9464
Resistance: 0.9490
Support: 0.9420
Last Weeks Range: 0.9386-0.9490

The Australian Dollar (AUD) retraced lower off the five week high of 0.9490 versus the Canadian Dollar (CAD) as markets turned risk averse based on Brexit headlines a week of no data releasing in the pair we have seen support return for the CAD with the latest run up in Crude Oil with prices reaching 58.74 on demand and a lack of supply. We have a way to travel to match the yearly low of 0.9315 but if crude extends higher who knows.

Exchange Rates
The current interbank midrate is: AUDCAD 0.9410
The interbank range this week has been: AUDCAD 0.9386- 0.9490

The Australian Dollar (AUD) surged back towards the five week high of 0.9483 Tuesday against the Canadian Dollar. Risk markets preferring the slightly more stable AUD after comments from last week out of the Bank of Canada (BoC) meeting highlighted they would not be looking to raise rates based on uncertainty and a deteriorating economic outlook. It’s a quiet week of data for the pair with just RBA assistant governor Debelle speaking today and Canadian Manufacturing figures Friday.

Exchange Rates
Current Level: 0.9462
Resistance: 0.9520
Support: 0.9400
Last Weeks Range: 0.9389-0.9482

The Australian Dollar (AUD) has had slightly more support over the Canadian Dollar throughout the week rising to 0.9470 from the weekly open of 0.9418. Both the CAD and AUD have been weak with worse than expected data publishing but the Aussie has feared a touch better. The Bank of Canada maintained the cash rate at 1.75% but has watered down earlier predictions that rates will go higher with outlook uncertainty on the horizon. They need further stimulus to get greater confirmation around timing of future increases. The Aussie looked gone for all money during yesterday’s quarterly GDP announcement coming in at 0.2% from 0.5% expectations but Trade Balance saving the day with a positive reading of 4.55B over 2.85B stabalising the currency. We still favour movement to the downside in the coming weeks.

Exchange Rates
The current interbank midrate is: AUDCAD 0.9432
The interbank range this week has been: AUDCAD 0.9388- 0.9477

Surprisingly with all the Australian Dollar weakness of late the Aussie (AUD) has extended its bull run from last week’s low of 0.9310 against the Canadian Dollar (CAD) as troubles brew for the CAD. Late last week’s string of poor Canadian data bought back bears into the close with price closing at 0.9410 and up towards 0.9440 Tuesday. The crude oil rally to 57.00 came to an end with price easing back to 56.40 along with equities also closing weaker. 0.9470 acts as staunch resistance with expectations price will drift off for the rest of the week. RBA today who will more than likely be dovish along with recent crappy data.

Exchange Rates
Current Level: 0.9434
Resistance: 0.9470
Support: 0.9380
Last Weeks Range: 0.9316-0.9475

The Australian Dollar (AUD) demise continues against the Canadian Dollar (CAD) falling to 0.9330 depreciating every week in 2019 except one. We did however see early support for the Aussie with risk currencies higher early after positive comments made headlines in the ongoing trade talks between China and the US, but since Wednesday optimism has been scaled back. Crude oil came off a low of 55.00 to push back above 57.00 to 57.30 Friday benefited the CAD. Canadian monthly CPI prints tomorrow morning and should give us an updated read on the state of the economy.

Exchange Rates
The current interbank midrate is: AUDCAD 0.9342
The interbank range this week has been: AUDCAD 0.9318 – 0.9475

On Friday the Australian Dollar (AUD) looked gone for all money travelling to 0.9315 against the Canadian Dollar (CAD) after a string of bad news hampered any upside moves. Crude Oil has started the week down over 3.2% to 55.45 and has put pressure on the CAD in the early sessions with the Aussie recovering to 0.9460 Tuesday. China and US talks are producing positive headlines which has suited the AUD along with news the Chinese won’t ban Australian Coal. The long term bearish trend channel from 0.9760 is still in play, look for further downside in the pair.
Exchange Rates
Current Level: 0.9453
Resistance: 0.9480
Support:0.9360
Last Weeks Range: 0.9319-0.9487

The Australian Dollar (AUD) held its ground over the week against the Canadian Dollar (CAD) around the 0.9450 zone but has deteriorated Thursday on bad news. After surprisingly good employment data we briefly saw 0.9485 before Westpac announced they expect the RBA to cut the cash rate in both August and November this year. They also see unemployment rising from the current 5.0% to 5.5%. China announced a total ban of Australian coal imports for 2019 which is China’s top coal supplier and will cap overall imports. Things are certainly not looking to rosy for the Australian economy falling to 0.9430 as coal being Australia’s biggest export earner. Expect price to drop through the 2018 low of 0.9100 soon.
Exchange Rates
The current interbank midrate is: AUDCAD 0.9388
The interbank range this week has been: AUDCAD 0.9316- 0.9487

The Australian Dollar (AUD) extended last week’s gains against the Canadian Dollar (CAD) to 0.9475 Monday before easing back towards 0.9430 on surging Crude Oil prices. It’s a busy week for the Aussie with plenty of data to publish including employment data. Canadian Retail Sales prints Friday. We still favour a retest of 0.9760 the December high once trade talks have been agreed between China and the US.

Exchange Rates
Current Level: 0.9435
Resistance: 0.9470
Support: 0.9380
Last Weeks Range: 0.9383-0.9476

Last week’s solid Canadian jobs report has carried the Canadian Dollar (CAD) early this week to 0.9380 against the Australian Dollar (AUD). Choppy movement from Wednesday saw the Aussie Dollar move up to 0.9470 but as Crude oil posted a 1.0% gain on the day the Aussie has come off the high falling back to 0.9440. A lack of data this week in the pair with only Canadian Manufacturing printing will see the cross meander into the close. The long term bearish move from  0.9760 if still in play.

Exchange Rates
The current interbank midrate is: AUDCAD 0.9434
The interbank range this week has been: AUDCAD 0.9382- 0.9468

Fantastic jobs numbers late last week took the Canadian Dollar (CAD), Australian Dollar (AUD) pair to 0.9400 levels after figures confirmed an increase of 66,800 jobs in January. Analysts were only expecting 8,000, the third month in a row job numbers have been good pushing price to November 2018 levels. With Crude stable around the 52.50 area we should see price ease lower with a lack of data out this week for the pair.

Exchange Rates
Current Level: 0.9388
Resistance: 0.9570
Support: 0.9350
Last Week’s Range: 0.9380-0.9522

The Australian Dollar (AUD) looked gone for all money Thursday against the Canadian Dollar (CAD) but has recovered off the low of 0.9380 to regain 0.9445 levels. The December 7 high of 0.9580 and the bearish momentum through to yesterday shows the Aussie weakness this year. Not out of the woods just yet a lot of this movement has come with price fluctuations in Crude Oil prices- overnight we saw price drop 2.5% to 52.70 pushing the Aussie higher. Earlier in the week the RBA released their cash rate which stayed unchanged at 1.50%- we have seen no change now since July 5th 2016 after it was lowered from 1.75%. Markets saw the release and statement as less dovish than expected offering momentary relief for the Aussie. While they believe unemployment will gradually fall over the next year they acknowledged a downgrade to GDP growth over the next two years was likely siting global economic factors. Adding to the AUD concerns this week was a a speech yesterday by governor Lowe which surprised investors when his comments were rather more pessimistic than his official monetary statement Tuesday. We support the bearish move as above continuing for a while.

Exchange Rates
The current interbank midrate is: AUDCAD 0.9411
The interbank range this week has been: AUDCAD 0.9379- 0.9522

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