The USD/CAD pair attracts some dip-buying following an Asian session uptick to the 1.3700 neighborhood, albeit lacks follow-through and remains below a nearly three-week low touched on Friday.
USD/CAD reverses an early dip to 1.3700, though the upside potential seems limited. The US political uncertainty and dovish Fed bets keep the USD bulls on the defensive. An uptick in Oil prices underpins the Loonie and contributes to capping for the major. Spot prices currently trade around the 1.3725-1.3730 region – unchanged for the day – and the directionless intraday price move is sponsored by a combination of diverging forces.
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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