The strength of the US dollar and the retracement in gold prices has driven the Australian and New Zealand dollars lower.
The only piece of data released from the 3 commodity producing countries was New Zealand food prices which were weaker than expected. The strength of the currency since the beginning of the year has helped to offset the rise in food prices which is something that countries like the US may be hoping for. The Canadian dollar on the other hand was the only currency that managed to strengthen against the US dollar as oil prices hit a new record high. With no major Canadian data scheduled for release this week, the primary trigger for any fluctuations in the loonie would be US data or oil prices.