Commodity Currencies
AUD, CAD, NZD and their link to gold and oil. Trade commodity FX with commodity price context.
Last reviewed: 2026-03-06
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Overview
Commodity currencies (AUD, CAD, NZD) are tied to commodity prices. Australia and New Zealand export metals and agricultural goods; Canada exports oil. When commodity prices rise, these currencies tend to strengthen.
Aud Cad Nzd
AUD is sensitive to iron ore and gold. CAD tracks oil (WTI) closely—Canada is a major oil exporter. NZD follows dairy and agricultural prices. All three tend to move together in risk-on environments.
Gold Oil Link
Gold up often means AUD up (Australia is a gold producer). Oil up typically strengthens CAD. When both rise, AUD and CAD can outperform. When commodities fall, these currencies often weaken.
Trading Tips
Check commodity prices before trading AUD, CAD, or NZD. Use gold for AUD bias and oil for CAD. In risk-off, commodity currencies often sell off regardless of commodity prices.
Knowledge check
1 of 3Which currencies are commodity currencies?
FAQ
Common questions about this topic.
Which currencies are commodity currencies?
AUD, CAD, and NZD. They are tied to commodity exports—gold/iron (AUD), oil (CAD), dairy/agriculture (NZD).
How does oil affect CAD?
Canada exports oil. When oil prices rise, CAD typically strengthens. WTI is the main benchmark to watch.
Why does gold affect AUD?
Australia is a major gold producer. Higher gold prices improve Australia's terms of trade and support AUD.
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Disclaimer and sources
Educational content only. Not financial advice.
Important disclaimer
Forex trading involves substantial risk of loss. This content is for educational purposes only and is not financial advice.