You don’t need to watch the commodities market minute by minute, although you can if you wish. Generally speaking, if gold prices are rising, the AUD may rise, too. If oil prices are rising, CAD may rise, too. Each economy has a high percentage of its GDP tied to these commodities, respectively.
However, please remember that these are fundamentals and do not affect the value of the currency in real time. You are looking for trends. All you need to do is read the newspaper and keep abreast of oil and gold prices.
At FX Bootcamp, every Wednesday we trade the Department of Energy’s oil inventory data. It tells you how much oil we have stored up for the future. Believe it or not, we usually only have enough saved to last a few weeks at current demand. So, for example, if we see that inventories are low, assuming demand is constant, then prices will rise. If prices rise, we may have an opportunity to go short the USD/CAD or long CAD/JPY. It’s not like a typical economics report that moves the market instantly. But it does move the market.
Wednesdays may be my favorite trading day and the oil inventories CAD trade is definitely part of it.