Metals and Oil Dragging Commodity Currencies Higher

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Gold, silver, and oil all moved higher yesterday and as a result brought many of the commodity currencies with them.

The Australian dollar and the New Zealand dollar were putting in highs versus the U.S. dollar not seen since late July as both and were breaking above key levels trendlines and catapulting higher. Take a look at the price action below to see how the commodities and currencies were moving together.

Gold:

Tradingview, COMEX, FOREX.com

Silver:

Tradingview, COMEX, FOREX.com

Tradingview, COMEX, FOREX.com
Tradingview, FOREX.com
Tradingview, FOREX.com

Similarly, with moving higher, it is also carrying the Canadian dollar and the Norwegian krone higher ( and lower). Both Canada and Norway are oil-export-led economies. As a result, the movement of crude oil effects the currencies of both those countries.

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Tradingview, NYMEX, FOREX.com

Tradingview, NYMEX, FOREX.com

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Tradingview, FOREX.com

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Tradingview, FOREX.com

As they say, a picture is worth a thousand words. When looking to trade commodity currencies, always make sure to check the underlying commodity to see if it could be ready for a big move. If so (and all else is equal), associated currencies may move with it.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Source: Investing.com Canada

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