The USD/CAD pair attracts buyers for the second successive day on Monday and sticks to its modest intraday gains, around the 1.3925 region through the first half of the European session.
USD/CAD gains positive traction for the second successive day on Monday amid a bullish USD. Subdued Oil prices undermine the Loonie and lend support amid bets for a jumbo BoC rate cut. Traders await the US consumer inflation and Fed Chair Jerome Powell’s speech later this week. Spot prices draw support from a combination of factors and remain within the striking distance of the highest level since October 2022 retested last week.
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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