AUD and NZD Lower, But CAD Hits 7 Month High

The Canadian dollar hit a fresh 7 month high against the US dollar thanks to strong February GDP numbers. The downtrend in USD/CAD is powerful and the move has both fundamental and technical backing.

We have inflation figures due out of Canada tomorrow, but the market will be paying far closer attention to Friday’s IVEY PMI number. The Australian and New Zealand dollars on the other hand are lower even though Australian private sector growth was stronger than expected. New Zealand data disappointed with building permits slipping and money supply growth slowing. This is a clear indication that the high interest rates and strong currency is having a negative impact on the economy.