AUD, CAD, NOK flows: Commodity currencies higher

Commodity currencies are generally stronger in North American trading, with AUD, CAD and NOK all up around 0.3%. The trigger is unclear, as equities are only slightly higher and there has been no big change in commodity prices. We do see some upside scope for AUD and NOK in particular, while CAD may benefit from the BoC meeting tomorrow as a rate cut is now close to fully priced. But after the strong gains in equities on Monday the risks this week may now be on the downside on the quarterly reports from all the big tech companies except for Nvidia coming out in the next couple of days, so we would be a little wary of assuming positive sentiment will persist.