Commodity Currencies Rally, But Will the Move Last?

For once, the Australian, New Zealand and Canadian dollars are all moving in the same direction.

Unfortunately there is not much to explain this cohesive price action because commodity prices are mixed with oil prices down $1.82 and gold prices up $13.17. Economic data was also mixed. Strong export orders helped to improve the Australian trade balance, which provided further gas for Aussie and Kiwi bulls. Canada on the other hand reported higher house prices but a steep drop in building permits. Canadian unemployment and merchandise trade are due for release tomorrow. We expect both figures to be negative for the Canadian dollar.