The USD/CAD pair prolongs its uptrend for the ninth straight day and climbs to the 1.3785-1.3790 area, or its highest level since August 7 during the Asian session on Monday.
USD/CAD scales higher for the ninth straight day and climbs to over a two-month top on Monday. Sliding Oil prices undermine the Loonie and lend some support to the pair amid a bullish USD. Reduced bets for a larger BoC rate cut to act as a tailwind for the CAD and cap gains for the pair. The momentum is sponsored by a bullish US Dollar and declining Crude Oil prices, which tend to undermine the commodity-linked Loonie.
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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