The USD/CAD pair attracts some dip-buying following an intraday dip to sub-1.3800 levels, or a one-week low and touches a fresh daily top during the early part of the European session on Tuesday.
USD/CAD stages a goodish rebound from a one-week low touched earlier this Tuesday. Sliding Crude Oil prices undermine the Loonie and lend support amid a stronger USD. Dovish Fed expectations and the risk-on mood might cap gains for the USD and the pair. Spot prices currently trade around the 1.3835-1.3840 region and for now, seem to have stalled a sharp retracement slide from the highest level since October 2022 touched on Monday.
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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