The US Dollar’s rally has been rejected again at the 1.4180 level and the Canadian Dollar is trimming some losses on Monday.
The UDS Dollar is rejectedat 1.4180 and the CAD picks up with Oil prices bouncing up. Chinese authorities have pledgedmore economic stimulus providing support to the Oil-sensitive CAD. Market expectations of a larger BoC cut on Wednesday might weigh on the Canadian Dollar's recovery. Oil prices are bouncing up on hopes of further stimulus measures in China while the US Dollar treads water.
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. The Bank of Canada can also use quantitative easing and tightening to influence credit conditions, with the former CAD-negative and the latter CAD-positive.
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