All three of the commodity currencies performed differently today with the Aussie selling off, the Kiwi rising and the CAD ending unchanged.
USD/CAD actually hit a new 7 month high today, but the combination of sharply lower oil prices and deterioration in the IVEY PMI index helped the dollar reverse all of its earlier losses. The Australian dollar sold off after the RBA revised its inflation forecasts lower, which means that they are not in a rush to raise rates. The labor market is the main focus for the commodity currencies next week as all 3 countries release their employment reports. The rally in all 3 currencies is clearly losing steam and we expect this to continue in the week to come.