The USD/CAD pair gathers strength to near 1.3930 during the early European session on Wednesday.
USD/CAD strengthens to around 1.3930 in Wednesday’s early European session, adding 0.72% on the day. The positive view of the pair prevails above the 100-day EMA and bullish RSI indicator. The first upside barrier emerges at 1.3972; the initial contention level is located at 1.3836.
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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