USD/CAD extends its gains for the second successive session, reaching a fresh multi-year high of 1.4239 during Friday's Asian trading hours, the highest level since April 2020.
USD/CAD marks a fresh multi-year high of 1.4239 on Friday. The US Dollar gains ground due to the tariff threats from Trump’s administration. The commodity-linked CAD faces challenges due to lower WTI Oil prices. USD/CAD extends its gains for the second successive session, reaching a fresh multi-year high of 1.4239 during Friday's Asian trading hours, the highest level since April 2020.
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. 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.
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