Aussie and Kiwi have slumped after the slide in China's trade surplus, with the news seen negative for the Asian region and particularly for commodity demand from the two antipodean nations since the decreased export demand is seen translating into decreased commodity demand. AUDUSD has tumbled from morning highs of 0.6493 to lows of 0.6401 with stops expected on a break under 0.6390. NZDUSD has tumbled from the highs of 0.5061 this morning, down to lows of 0.4978 before bouncing. Further support on Kiwi is eyed at 0.4970. Traders will be cautious of taking aggressive positions in either currency ahead of the RBNZ rate decision on Thursday and key Australian jobs data. The loonie has also succumbed to selling on the implications for commodity demand in the wake of China's trade data. USDCAD found a base at 1.2791 earlier this morning and has since bounce to highs of 1.2872 in the wake of the data, triggering stops above 1.2830 and 1.2850 in the move up.
