The USD/CAD pair trades flat near 1.4045 during the early Asian session on Tuesday.
USD/CAD holds steady around 1.4045 in Tuesday’s early Asian session. US ISM Manufacturing PMI rose to 48.4in November vs. 46.5prior. Canadian Manufacturing PMI climbed to a 21-month high in November. However, Trump’s threats of further tariffs and renewed US Dollar demand could provide some support to the pair. The US JOLTs Job Openings for October are due later on Tuesday. The Federal Reserve’s Adriana Kugler and Austan Goolsbee are scheduled to speak.
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. 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.
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