USD/CAD retraces its gains from the previous session, trading around 1.3620 during the European hours on Friday.
USD/CAD edges lower as the commodity-linked CAD finds support from higher Oil prices. WTI price appreciates as cooling US inflation data has raised speculation of a Fed rate cut in September. Chicago Fed President Austan Goolsbee stated that the US economy appears to be on track to achieve 2% inflation. The commodity-linked Canadian Dollar finds support from the higher crude Oil prices, given the fact Canada is the biggest Oil exporter to the United States .
Canadian Dollar FAQs What key factors drive the Canadian Dollar? The key factors driving the Canadian Dollar are the level of interest rates set by the Bank of Canada , the price of Oil, Canada’s largest export, the health of its economy, inflation and the Trade Balance, which is the difference between the value of Canada’s exports versus its imports.
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