The USD/CAD pair edges lower during the Asian session on Thursday and moves away from its highest level since August 5, around the 1.3860-1.3865 zone touched the previous day.
USD/CAD attracts some sellers on Thursday amid a modest USD pullback from a three-month high. Renewed buying around Oil prices underpins the Loonie and exerts additional pressure on the pair. The BoC’s jumbo rate cut and bets for a less aggressive Fed easing warrant some caution for bears. Spot prices currently trade around the 1.3825 area, down nearly 0.10% for the day amid a modest US Dollar downtick, though any meaningful corrective decline still seems elusive.
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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