Strong gains in the U.S. equity markets triggered by a better thanestimated ADP employment report is helping to support the CanadianDollar this morning. A better than expected crude oil inventory report is providing additional upside momentum.
Strong gains in the U.S. equity markets triggered by a better than estimated ADP employment report is helping to support the Canadian Dollar this morning. Additional support is being provided by a sharply higher crude oil market as well as firmer gold and copper.
Crude oil is rallying because of the smaller than expected rise in inventory. This is good news for the Canadian economy which relies heavily on crude oil exports. Copper is up on speculation that a global economic recovery will lead to increased demand for the industrial metal. Gold is trading higher as traders use this precious metal as a hedge against potential U.S. banking problems.