Higher Crude Oil and Equities Support Canadian Dollar
The USD CAD is under pressure as the strong surge in equities and crude oil are fueling a rally in the Canadian Dollar. Without any comments from the Bank of Canada to dampen gains, continue to look for the Canadian Dollar to drive higher. Gains will only be limited if the BoC expresses concerns that the rise in the currency is hurting exports. Demand for more risk is helping to boost the EUR USD at the midsession. The initial rise in this market was triggered by a recovery in Asia overnight