Bad week for the Canadian dollar, good week for its Australian counterpart

This week was a turbulent one for the Canadian dollar, as it hit lows not seen for months. The week started badly, thanks to the release of Manufacturing Sales data that was 1.8% lower than expected – forcing rates down to this low. Today we see the release of their Consumer Price Index (CPI) & Retail Sales at 1.30pm, which could impact the currency further.

In contrast, the Australian dollar has enjoyed much better fortunes this week – gaining over 1% against sterling and the US dollar. Comments from the Reserve Bank of Australia (RBA) policy meeting minutes on Tuesday suggested that an interest hike may be sooner than expected.

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