With little new data out this morning, investors are focusing on surging oil prices and waiting for Wednesday’s big Federal Reserve meeting. The Canadian dollar is climbing on a 4% jump in oil prices after non-OPEC countries said this past weekend that they would follow OPEC in cutting oil production.

Meanwhile, the US dollar is tumbling ahead of Wednesday’s Federal Reserve meeting, perhaps as investors take some of their profits on the high-value currency before the big event.

Across the pond, both the pound and the euro are gaining against a weaker US dollar with no data scheduled until tomorrow morning.

In the Pacific, the Australian dollar is also gaining against its US counterpart as commodity prices rise. Despite the US dollar’s broad weakness this morning, it continues to gain against the Japanese yen and is headed for its strongest rally against the Japanese currency in two years.

EURUSD: The euro is rising against a weaker US dollar with no new data out until tomorrow.

GBPUSD: The pound is also gaining against a falling US dollar.

AUDUSD: The Aussie dollar is up on rising commodity prices and US dollar weakness.

USDCAD: The Canadian dollar is up as oil prices rally 4% this morning.