The USD/CAD pair oscillates in a narrow trading range around 1.3635 during the early Asian session on Tuesday.
USD/CAD remains capped within a trading range near 1.3635 in Tuesday’s early Asian session. Loosening US labor markettriggered the Fed rate cut expectation this year. Lower crude oil prices weigh on the Loonie. Traders prefer to wait on the sidelines ahead of Powell’s semi-annual testimonies and key US data. Additionally, the Federal Reserve’s Michael Barrand Michelle Bowman are set to speak later on Tuesday. Meanwhile, the USD Index hovers around the 105.00 barrier despite lower US bond yields.
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. Relatively higher interest rates tend to be positive for the CAD.
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