The USD/CAD pair extends its upside to near 1.4430 during the Asian trading hours on Monday.
USD/CAD gathers strength to near 1.4425 inMonday’s Asian session. The Fed’s cautious stance and Trump tariff threats support the USD. Higher crude oil prices might boost the commodity-linked Loonie. The potential US trade tariffs drag the Canadian Dollar lower against the Greenback. However, the optimism around a likely change in Canadian government and a rise in crude oil prices might cap the downside for CAD.
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. Relatively higher interest rates tend to be positive for the CAD.
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