The Canadian Dollar (CAD) is in the red again this week, set to close down for the fifth trading day in a row, its worst day-on-day performance since April.
The Canadian Dollar has seen little but downside this week. A pivot to market Fed expectations is sending investors into the US Dollar. Crude Oil bids try to recover, limiting Loonie losses for Friday. The Canadian Dollar is in the red again this week, set to close down for the fifth trading day in a row, its worst day-on-day performance since April.
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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