Volatile start to the week for commodity currencies

The lack of agreement from the OPEC talks has seen USD/CAD trade above 1.2950 after closing on Friday near 1.2820 and the AUD/USD traded below .7600 in very early interbank trade before recovering. The JPY is always a beneficiary of lower oil prices so it’s no surprise to see the JPY commodity-bloc crosses trading lower.

I will not be chasing any of these moves and I think it’s best to sit back and let the dust settle before deciding on strategies for this week.

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