The USD/CAD pair holds steady near 1.4065 during the early European session on Friday.
USD/CAD trades flat around 1.4065 in Friday’s early European session. The positive bias of the pair prevails above the 100-period EMA, but the overbought RSI condition might cap its upside. The immediate resistance level emerges at 1.4070; the first downside target to watch is 1.4000. However, the renewed US Dollar demand could provide some support to the pair for the time being.
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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