The chart below compares AUD/USD, CAD/USD, and the Commodities Index. Three points to make: 1) Aussie oscillators in “oversold territory” and turning up (see bottom pane in the chart below); 2) Aussie is testing it 50% retracement level going back to late 2008; and 3) CAD/USD is testing its 61.8% retracement level going back to the 2008 (also oversold weekly but it is not on this chart). This all may mean nothing. Or it may mean now that everyone and their mothers are so darn bearish on commodities and comdols we should be open to the idea of a correction higher…that’s all.