Not a good session for commodity-linked currencies today 16 March
Just a coincidence maybe but AUDUSD falling from 0.7800 to 0.7762 as I type while USDCAD has burst higher again after holding a strong line at 1.3040 and now posting 1.3093.
Support at 0.7750 and also some option interest too which may have been a driver down, but now may help stem further falls while offers/res into the 1.3100 big figure may cap rallies but its a soggy session so far.
AUDJPY and CADJPY selling both notable amid the general trade-war related yen demand and CAD supply this week.
Commodity prices themselves are not falling so it's a tenable link at best. WTI has rallied to test $61.50 before capping while Brent posted $65.20 from $65.00
Gold too has looked ok and rallied from $1317 to test $1322.
So it all looks coincidental rather than commodity driven per se but hey, remember one of my mantras, ours is not to reason why, ours is just to sell and buy.
