The Canadian Dollar (CAD) tested higher ground against the Greenback on Thursday, looking to put a stop to the midweek’s pullback.
The Canadian Dollar halted a midweek pullback but still struggling to find gains. Canada is set to release its latest GDP figures on Friday. Canadian data prints are likely to be overshadowed by a fresh round of US PCE inflation. The Canadian Dollar tested higher ground against the Greenback on Thursday, looking to put a stop to the midweek’s pullback.
Other factors include market sentiment – whether investors are taking on more risky assets or seeking safe-havens – with risk-on being CAD-positive. 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.
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