The USD/CAD pair trades with caution below the psychological resistance of 1.3500 in Friday’s European session.
USD/CAD exhibits caution below 1.3500 ahead of US and Canada data. Economists estimate the Canadian economy to have grown by 0.1% in July. The US PCE inflation will influence market expectation for Fed ’s interest rate outlook. The Loonie asset is marginally higher despite a slight decline in the US Dollar , suggesting a weakness in the Canadian Dollar ahead of the monthly Gross Domestic Product data for July, which will be published at 12:30 GMT.
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.
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