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Commodity FX see bullish break from multi-week ranges

Commodity dollars – CAD, AUD, and NZD – are flexing their muscles against the greenback, tracking Monday’s recovery in oil prices. ForexLive‘s Ryan Littlestone informed Tip TV viewers that commodity currencies like AUD have witnessed bullish breakout from multi-week ranges and traders/investors should not go against the trend.

While having a detailed look at USD/CAD chart, Littlestone noted about the pair gyrating 1.29 levels and cited 1.2670 as a strong level whereby fresh bids could be anticipated.

Trading currencies after a conclusion of Doha like events is usually tricky since there is lot of smoke and technical breakouts turn out to be fakeouts or fake moves that end up trapping traders on the wrong side. USD/CAD gyrating 1.29 was a similar move that Ryan talked about and said trader/investors needs to judge overall markets while picking up juicy levels.

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