Friendly Gasoline Inventory Report Helps Canadian Dollar Extend Gains
The USD CAD opened sharply lower this morning and extended its losses following a better than expected government energy report. Gasoline futures rose after the government reported a decrease in inventories triggered by increased demand and a drop in imports. The strength in the gasoline market is helping to support crude oil prices. The crude rally has helped the Canadian Dollar extend its gains versus the U.S. Dollar. The tone remains bullish for the EUR USD following an early morning report