Higher commodity prices are generally good news for the likes of the Canadian dollar, Russian rouble and Australian dollar, but other factors – most notably central bank monetary policy – have weighed on the strength of these currencies during the past 12 months.
A number of commodity-linked currencies have a high correlation to crude oil in particular, and with the wider basket of commodities they track having been subdued during the past year, both AUD and CAD have remained relatively weak and to the bottom end of recent ranges.
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