The USD/CAD pair regains strong positive traction at the start of a new week and climbs to the 1.4040 area during the Asian session, snapping a three-day losing streak amid a goodish pickup in the US Dollar (USD) demand.
USD/CAD catches aggressive bids on Monday amid a goodish pickup in the USD demand. Bets for a slower Fed rate-cutting cycle and rebounding US bond yields underpin the USD. Rising Oil prices do little to benefit the Loonie or hinder the pair’s intraday positive move. The USD/CAD pair regains strong positive traction at the start of a new week and climbs to the 1.4040 area during the Asian session, snapping a three-day losing streak amid a goodish pickup in the US Dollar demand.
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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