The Canadian, Australia and New Zealand dollars have come under selling pressure on the combination of weaker commodity prices and disappointing economic data.

Retail sales in Canada fell short of expectations despite the stronger wholesale numbers reported earlier this month.  Consumer spending rose 0.4 percent as consumers cut back on clothing purchases to compensate for spending more on gasoline.  Confidence fell to the lowest level in 13 years last month and it is now clear that this pessimism has also affected their spending habits.  Canadian and Australian consumer prices are due for release over the next 24 hours – softer numbers could send the commodity currencies even lower.