The USD/CAD pair trades in positive territory for the third consecutive day around 1.3655 during the Asian trading hours on Monday.
USD/CAD gains ground near 1.3655 in Monday’s Asian session. The political uncertainty boosts the safe-haven currency, benefitting the US Dollar. Prospects of more rate cuts by the BoC weigh on the Loonie, but higher crude oil prices might cap the downside. The uptick of the pair is bolstered by the firmer US Dollar amid risk-aversion. However, the upside of the pair might be capped due to growing speculation that the US Federal Reserve would start cutting the interest rate in September.
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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