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The correlation between commodities and CAD

For Newbies

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Sébastien Galli, currency strategist at Deutsche Bank, analyzes the Canadian dollar and its relationship with commodities and the outlook for the economy.

According to the analysis, CAD is most susceptible to movements in crude oil, weighing 41% of the basket of instruments, followed by metals and minerals.

A deeper analysis shows that Cooper has the biggest impact on USD/CAD movements. The other raw materials that also influence the cross are: WTI, Brent and Aluminium

Using this correlation can provide an edge when trading the Canadian dollar against other currencies. Since the correlations are not perfect all the time, it is good to overlay the two charts on top of each other to track the price action reaction. Using correlations is a powerful way to determine the next move in a trade, but it requires digging into the two instruments that are being correlated.

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 Dealer Anatoliy Pavlov

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