The USD/CAD pair remains on the defensive around 1.3635 during the early European session on Tuesday.
USD/CAD trades on a weaker note near 1.3635 in Tuesday’s early European session. The pair maintains a negative stance below the 100-period EMA, with the bearish RSI momentum indicator. The initial contention level will emerge near 1.3600; the first upside barrier is seen at 1.3650. The Greenback weakens on the back of the potential September rate cut from the US Federal Reserve after employment data last week indicated a cooling US labor market.
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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