The USD/CAD pair trades on a flat note near 1.3585 during the early Asian session on Tuesday.
USD/CAD flat lines around 1.3585 in Monday’s early Asian session. The US Fed is widely anticipated to cut interest rates on Wednesday, its first in four years. The Canadian CPI inflation report is due later on Tuesday. Further decline in the US Dollar ahead of the key US Federal Reserve interest rate decision is likely to cap the upside for the pair. Later on Tuesday, investors will monitor the Canadian Consumer Price Index and US Retail Sales for August for fresh impetus.
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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