Australian Dollar Pulls Back, Canadian Dollar Strengthens

The Australian and New Zealand dollars have pulled back today after weaker than expected economic data and renewed flight to safety into US dollars.

The Canadian dollar on the other hand rebounded on stronger current account numbers and a sharp increase in raw material prices. The rally in the loonie however has been limited by the possibility of softer GDP numbers tomorrow. Australia has retail sales and trade balance due for release tonight. Spending could remain positive as the trade deficit improves.