USD/CAD pulls back from an eight-month high of 1.3849 recorded in the previous session, trading around 1.3820 during the Asian hours on Monday.
USD/CAD loses ground as Oil prices rise due to escalated tensions in the Middle East. A rocket strike in the Israeli-occupied Golan Heights has heightened concerns about crude Oil supply. The US Dollar depreciates as the Fed may deliver three rate cuts in 2024. The rise in Oil prices supports the Canadian Dollar and puts downward pressure on the USD/CAD pair. West Texas Intermediate crude Oil trades around $76.80 per barrel at the time of writing.
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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