The USD/CAD pair corrects below the round-level figure of 1.3900 in Thursday’s North American session.
USD/CAD falls below 1.3900 after failing to hold Wednesday’s rally. Investors await the Fed policy decision and Canada Employment data. The Fed is expected to cut interest rates by 25 bps to 4.50%-4.75%. The Loonie pair drops after rallying on Wednesday as the US Dollar faces some unwinding ahead of the Fed eral Reserve’s monetary policy decision, which will be announced at 19:00.
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.
Fed Employment Interestrate Supportresistance
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