AUD/NZD rose on Middle East tensions, but a hawkish RBNZ and fading momentum suggest downside risks as markets assess rate outlooks and investor positioning.
The Canadian dollar weakened after Canada's economy contracted in Q1, while markets weighed tariff risks, rate hike bets, and AI-driven software stock gains.
EBC notes stronger reserve buffers and a reopened retail dollar window shift focus from headline stockpiles to whether USD supply reaches the market smoothly.
Oil prices surged but the Canadian dollar gained little, signaling a weakening petro-currency link as Canada's economy shifts beyond oil and gold exports rise.