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NZDCAD – More Upside Left?
Kiwi has been on a tear lately, hitting the .7100 figure in late US trade today. The move has been driven by lower US rates which make the New Zealand currency an attractive carry trade.
In the meantime, the loonie is again under pressure as oil continues to struggle with $50/bbl level. As long as crude cannot break through the $50/bbl resistance layer the loonie will continue to underperform and NZDCAD should inch towards the .9600 mark. The calendar is generally barren for either country for the next few days, but Canada does have it GDP tomorrow and if that number misses the forecast, the pair could extend its gains as the week proceeds.