A big bounce in equities and talk of easier money in the US is helping give commodities and particularly commodity currencies a bid on this afternoon trade.
AUD/USD has recouped all the losses seen overnight and extended to fresh highs on the day. Traders are wary of fading the 88.60/70 area as that level has held twice. Often the third time is the charm for higher levels.
Mildly hawkish comments from the RBA governor overnight along with hopes for at least one more hike from the BOC in the next few meetings are helping support the commodity currencies this afternoon.
AUD/USD trades now at 0.8830. USD/CAD at 1.0440.
