Oil Prices Continue to Fall, Taking the Canadian Dollar Lower

There was no economic data released from the 3 commodity producing countries today, leaving the price action of the currencies dependent upon oil prices.

Crude continues to trend lower and ended the day at $123.39 a barrel. This has weighed heavily on the Canadian, Australian and New Zealand dollars. Although oil and gold prices will continue to play a big role in the price action of the commodity currencies, there are a few pieces of key data worth watching next week. New Zealand and Australia both have trade data due for release, Australia also has retail sales while Canada will be releasing their GDP report for the month of May.