USD/CAD continues its losing streak, trading around 1.3620 during the Asian session on Wednesday.
USD/CAD extends its losses despite a market caution ahead of the FOMC Meeting Minutes release on Wednesday. Fed Governor Michelle Bowman expressed caution on any policy changes, citing ongoing upside risks to inflation. The Canadian dollar appreciates despite a dovish sentiment surrounding the Bank of Canada . The US Dollar attempts to halt its three-day losing streak as traders turn cautious ahead of the release of the FOMC Minutes on Wednesday.
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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