The USD/CAD pair struggles to capitalize on a two-day-old recovery from sub-1.3700 levels, or a nearly one-month low touched earlier this week and attracts fresh sellers during the Asian session on Friday.
USD/CAD stalls this week’s recovery from the monthly low amid the emergence of some USD selling. Dovish Fed expectations, retreating US bond yields and a positive risk tone exert pressure on the USD. Softer Crude Oil prices could undermine the Loonie and help limit any further losses for spot prices. Spot prices currently hover near the 50-day Simple Moving Average , around the 1.3725-1.3720 region, and a combination of diverging forces warrants some caution for bearish traders.
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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