The Australian dollar and New Zealand dollar both surged during Wednesday’s trading session as commodities such as gold and oil rebounded.
Furthermore, as Quantitative Analyst David Rodriguez discussed in his special report, the Australian dollar forecast has improved following the currency’s record consecutive declines, suggesting that the other comm dollars are likely to do so as well. Meanwhile, with the USD/CAD pair consolidating in a range of 1.0625 – 1.0700, Senior Strategist Jamie Saettele pointed out this morning that the Canadian dollar may provide a good risk/reward trade. With little in the way of event risk out of Canada for the remainder of this week, USD/CAD is likely the safest trade to use in order to take advantage of the near-term prospects for the commodity dollars.