The USD/CAD pair recovers some lost ground near 1.3460, snapping the three-day losing streak during the early European session on Wednesday.
USD/CAD holds positive ground around 1.3460 in Wednesday’s early European session. The risk aversion sentiment lifts the safe-haven currency like the US Dollar, but Fed rate cut bets might cap its upside. The BoC is anticipated to cut its interest rate next week as inflation eases. The uptick of the pair is bolstered by the modest recovery of the US Dollar . Market players will take more cues from the Federal Reserve’s Christopher Waller and Raphael Bostic speeches later on Wednesday.
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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