Market Correllation in Forex and Commodities

[davidnmfarrell]

Hi,

I'm trading a system that looks at both Forex and Commodities, and I'd like to avoid trading in closely correlated markets at the same time. One of my concerns is, for example with the any trade involving the US dollar, should I also avoid trading commodities as they are measured in US dollars too? Finally, are there any forex pairs that are closely correlated to either another pair, or any particular commodity? (Canadian Dollars and Oil for example?).

I'd really appreciate any insight you have to offer guys!

Cheers,

David

 

[davidnmfarrell]

Just found this:
Forex Correlation - Mataf.net

It's imperfect (for example low correlation on GBP pairs due to Mervyn King's commentary today) but might be useful!