Commodity prices are benefiting from the near-term dip in the US dollar. Brent crude has broken bullishly from its contracting range and copper looks set to follow suit, with a similar bullish set-up confirmed on a break above 8660. On the back of this, commodity currencies are also turning positive within range. We expect USD/CAD to extend weakness toward the range lows near 0.9840 and are monitoring the 0.8290 level in NZD/USD, as a break above here would confirm a move toward the Feb highs at 0.8475.
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Barclays Capital