The USD/CAD pair maintains its position after two consecutive days of gains, trading close to 1.4400 during the Asian session on Wednesday.
USD/CAD tests the immediate barrier at the psychological level of 1.4400. The bullish bias persists, as the 14-day RSI remains above the 50 mark. The immediate support appears at the lower boundary of the ascending channel, near the 1.4350 mark. On the daily chart, the pair is within an ascending channel, indicating a prevailing bullish trend. The 14-day Relative Strength Index hovers just above the 50 mark, signaling sustained positive momentum.
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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