The USD/CAD pair trades with mild gains around 1.3795 during the early Asian session on Friday.
USD/CAD gains ground to around 1.3795 in Friday’s early Asian session. The US Retail Sales rose by 0.4% MoM in September vs. 0.1% prior, stronger than expected. The rising expectation of a BoC rate cut could undermine the CAD, but higher crude oil prices might cap its downside. The further upside in the Greenback amid the stronger US economic data provides some support to the pair. Later on Friday, the US Building Permits and Housing Starts will be released.
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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