Strong Gains for Canadian, Australian and New Zealand Dollars

Canadian GDP and retail sales were stronger than expected in the month of October, triggering another day of gains for the loonie.

This is the sixth consecutive day of strength for the currency pair , which up until last week was undergoing a near vertical reversal after hitting an all time low of 0.9059 on November 7th. The Australian dollar is also stronger thanks to a nice jump in the Conference Board Leading indicators report and new motor vehicle sales. Even the New Zealand dollar benefitted from a rise in credit card spending. In the week ahead, we have no Canadian or Australian data due for release, but New Zealand will be reporting their November money supply figures.