The USD/CAD pair trades with mild gains around 1.3975 during the early Asian session on Friday.
USD/CAD edges higher to 1.3975 in Friday’s early Asian session. The cautious mood of the Fed officials and the Trump trade support the USD. The markets reduced the odds of a 50 bps rate cut at the BoC’s December 11 policy meeting. The strengthening of the US Dollar to new 2024 peaks provides some support to the pair. Investors brace for the flash S&P Global Manufacturing and Services Purchasing Managers Index , along with the final Michigan Consumer Sentiment, which is due later on Friday.
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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