The Canadian, Australian and New Zealand dollars strengthened today as oil prices rallied back above $90 a barrel and gold prices held steady above $800 an ounce. There was no Australian or New Zealand data released overnight but Canadian building permits and IVEY PMI were stronger than expected. After selling off for five days straight, the latest data has helped the Canadian dollar recover. In fact, this turn is beginning to look real and we believe that USDCAD could now move back below parity and at least test 99 cents. The employment component of the IVEY PMI also accelerated last month which suggests that Canadian employment numbers could be firm tomorrow. The forecasts are very low indicating that it will not take much to surprise to the upside.