| Many traders lump the Australian and Canadian dollars together in the broad category of so-called “commodity dollars.” In many ways, this categorization makes sense: both currencies have higher yields than many of their rivals and their economies depend on exporting commodities to one of the largest economies in the world (China in the case of Australia and the U.S. for Canada).
Though they share some similarities, the performance of the two currencies can often diverge based on idiosyncratic economic data. This week marks major clash between the two commodity dollars. Traders have/will get a look at employment data out of both Australia and Canada, as well the latest look at the RBA’s economic outlook and Canadian Building Permits and Ivey PMI data...............................................Full Article: Source |