Gold and oil prices are up today which has helped to push the Australian, New Zealand and Canadian dollars higher.
Despite sharp intraday price action throughout the past week, the commodity currencies have remained mostly range bound. With the exception of the Canadian dollar, there is not much data to threaten trading ranges in the coming week. We are only expecting the New Zealand trade balance and some minor Australian data. Canada on the other hand has a number of reports due out at the end of the week. This includes the current account, industrial product price index and GDP. Canadian data has taken a turn for the worst and as a result we expect the data to trigger further gains in USDCAD.