The USD/CAD pair recaptures a seven-week high near 1.3650 in Tuesday’s European session.
USD/CAD revisits 1.3650 as the Canadian Dollar weakens amid uncertainty ahead of the employment data for September. The BoC is expected to extend its rate-cut cycle in November. Fed Kugler sees more rate cuts as appropriate. The Loonie asset strengthens amid weakness across the Canadian Dollar’s performance ahead of Canada’s Employment data for September, which will be published on Friday. The Canadian job report is expected to show that the economy added 28K workers, higher than 22.
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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