The positive retail sales report from the United States boosted not only the US dollar, but the Canadian dollar as well. The loonie managed to outperform most of the major currencies.

US dollar is mostly rangebound today, turning in a mixed performance as traders look for direction and speculation about what’s next for the Federal Reserve raises questions about what’s next.

The Great Britain pound advanced today on speculations that the recent string of positive reports will encourage the Bank of England to refrain from adding to monetary stimulus on tomorrow’s meeting. The currency went down against the euro.

More soft economic data out of the United States is weighing on the US dollar today. Speculation that the economic recovery in the United States is slowing is sending the dollar lower against many of its counterparts.

The Great Britain pound rallied today as poor macroeconomic data from Europe increased the appeal of the UK currency as a safe haven against problems in the eurozone. The sterling trimmed its gains versus the euro as Britain’s retail sales unexpectedly fell.

The Canadian dollar retreated today following yesterday’s gains as poor macroeconomic data from the United States and China drove commodity prices lower. The rally on the previous trading session was caused by good domestic fundamentals.

The Australian dollar gained today on better-than-expected macroeconomic data and as the Reserve Bank of Australia will retains it Governor for an extended term. The currency slipped versus the Japanese yen yesterday, but was flat today.

The Great Britain pound dipped today after the CBI retail sales report showed that trading volumes were flat in March, while traders have hoped for growing sales. The currency was able to hold ground against the Japanese yen as the report was not completely negative.

Forex market participants had hard time trading last week and it is not likely that this week will be in any way better. Uncertainty and confusion created by the situation in Cyprus leads to volatile and unpredictable moves. Unsurprisingly, the euro is one of the hardest currencies to trade right now.

Canadian dollar is on the rise today, gaining against the US dollar as better economic data is expected, and as the situation in Cyrpus eases some. Today it’s about risk-on in Forex trading, and loonie is reaping some of the benefits.