The USD/CAD pair struggles to capitalize on the Asian session move up to the 1.3645-1.3650 region, or a one-month top and drops to the lower end of its daily range in the last hour.
USD/CAD retreats from a one-month top and is pressured by a combination of factors. A positive risk tone prompts selling around the safe-haven buck and weighs on the pair. A fresh leg up in Oil prices underpins the Loonie and contributes to the intraday slide. Spot prices currently trade around the 1.3600 mark and for now, seem to have stalled a goodish rebound from a nearly two-week low touched on Wednesday.
Canadian Dollar FAQs What key factors drive the Canadian Dollar? The key factors driving the Canadian Dollar are the level of interest rates set by the Bank of Canada , the price of Oil, Canada’s largest export, the health of its economy, inflation and the Trade Balance, which is the difference between the value of Canada’s exports versus its imports.
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