The commodity dollars are in turmoil.

The skies above the Canadian dollar are slowly clearing up. Much of the disappointment the U.S. dollar has had to endure has pressured the Canadian dollar too, despite that country's relatively steady economy. But as the buck wiggles free of pressure, so too does the Loonie.

And after shaking loose the Canadian dollar, the Australian and New Zealand dollars have remained attached at the hip for quite some time. Rarely have we seen diverging price action between the two. Earlier in the week, however, was one of those rare examples.

What happened? An Aussie-positive economic report buoyed the Australian dollar. Normally the New Zealand dollar would follow the Aussie. But this time it sunk lower.

What's it mean? Further instances of divergence could indicate traders are growing more selective in their dollar-bashing.

What You Can Learn from All This Action ...

You can no longer just buy any ol' currency and simultaneously sell the dollar. It just isn't working like that anymore. Traders are finally facing up to the currency market imbalances that they previously shied away from.

If you've been jumping in against the dollar with reckless abandon, you may want to think twice about your trading decisions.

If you've slowly and steadily worked yourself away from the perma-bear camp, then I think you're in a good spot. You won't be surprised when this dollar rally lasts.