Strong Performance Seen across all Commodity Currencies

The commodity currencies continued to perform extraordinary well today.

The Canadian dollar hit a fresh multi-decade high against the US dollar after Canadian Prime Minister said that it would be a “huge mistake” to interfere with the appreciation of the Canadian dollar. This clearly indicates that the government has no plans to intervene in the currency pair. In fact, parity is now the main target for USD/CAD traders and pretty soon we could actually be there. IVEY PMI, unemployment and trade are due for release next week, all of which are potentially market moving Canadian data. Australia reported very strong manufacturing PMI overnight, which is contributing to the overall strength in both the Aussie and Kiwi. The central banks of both Australia and New Zealand have rate decisions due next week along with Australian unemployment and GDP.