The USD/CAD pair stays in a tight range above 1.3550 in Tuesday’s European session.
USD/CAD trades sideways above 1.3550, with investors focusing on BoC’s Macklem speech and the US CPI data for August. BoC Macklem is expected to deliver a dovish interest rate guidance. The risk profile is cautious ahead of the US inflation data. The Loonie asset struggles for direction as investors have sidelined ahead of the Bank of Canada Governor Tiff Macklem’s speech, which is scheduled at 12:25 GMT.
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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