The USD/CAD pair trades on a stronger note near 1.3715 on Thursday during the Asian trading hours.
USD/CAD extends recovery 1.3715 in Thursday’s Asian session. The US CPI inflation dropped to 2.9% YoY in July from 3% in June, softer than expected. Lower crude oil prices weigh on the commodity-linked Canadian Dollar. The decline in crude oil prices drags the commodity-linked Canadian Dollar lower and lifts USD/CAD. Amid the lack of top-tier economic data from Canada, the pair remains at themercyofUSDprice dynamics. The US Retail Sales will be the highlight on Thursday.
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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