USD/CAD extends its losses after retreating from an eight-month high of 1.3865 on Monday, trading around 1.3840 during the Asian session on Wednesday.
USD/CAD loses further as higher Oil prices support the commodity-linked Canadian Dollar. WTI rebounded from an eight-week low of $74.24 due to rising geopolitical tensions in the Middle East. The Fed is expected to keep rates unchanged at its July meeting. The recovery in crude Oil prices is supporting the commodity-linked Canadian Dollar against the US Dollar , as Canada is the largest crude exporter to the United States. West Texas Intermediate crude Oil price trades around $75.
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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