The Canadian Dollar (CAD) stuck to familiar levels on Tuesday, treading water as Loonie traders buckle down for the wait to this week’s double-header of key central bank showings.
The Canadian Dollar stuck to familiar levels on Tuesday. The Bank of Canada and the Fed eral Reserve are both due this week. The Loonie’s rate differential is set to widen further, limiting bullish odds. The Canadian Dollar stuck to familiar levels on Tuesday, treading water as Loonie traders buckle down for the wait to this week’s double-header of key central bank showings.
As its largest trading partner, the health of the US economy is also a key factor influencing the Canadian Dollar. How do the decisions of the Bank of Canada impact the Canadian Dollar? The Bank of Canada has a significant influence on the Canadian Dollar by setting the level of interest rates that banks can lend to one another. This influences the level of interest rates for everyone. The main goal of the BoC is to maintain inflation at 1-3% by adjusting interest rates up or down.
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