The USD/CAD pair trades with mild gains to around 1.3710 despite the stronger US Dollar (USD) during the early Asian session on Thursday.
USD/CAD edges higher to near 1.3710 in Thursday’s early Asian session. Fed Minutes said a 50 bps rate cut was backed by the majority of officials. Lower crude oil prices weigh on the commodity-linked Loonie. The USD/CAD pair trades with mild gains to around 1.3710 despite the stronger US Dollar during the early Asian session on Thursday.
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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