The Canadian Dollar (CAD) found higher ground against the Greenback but otherwise chalked in a poor performance across the major currencies board on Tuesday.
The Canadian Dollar had little strength on Tuesday, but US Dollar was weaker. Canada remains absent from economic calendar as markets focus on inflation figures. US PPI inflation cooled further, US CPI inflation in the barrel for Wednesday. The Canadian Dollar found higher ground against the Greenback but otherwise chalked in a poor performance across the major currencies board on Tuesday.
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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