Will the Comm Dollars Falter?

The Australian and New Zealand dollars faltered on Friday as commodities including metals and agricultural goods pulled back, while resilient oil prices helped support the Canadian dollar against the strengthening greenback.

There was little in the way of economic data to move the currencies, but traders should watch out for next Monday’s New Zealand trade balance – as the surplus is forecasted to widen – while Friday’s Australian retail sales figures are anticipated to show that consumption contracted during the first quarter. Furthermore, according to Technical Strategist Jamie Saettele, the Loonie, Aussie, and Kiwi may all be in for declines based on Elliott Wave counts.