The USD/CAD pair recovers its entire intraday losses and attempts to reclaim the psychological resistance of 1.3500 in Thursday’s North American session.
USD/CAD licks its wounds as the US Dollar extends its upside. The upbeat second estimate of the US Q2 GDP boosted the US Dollar’s recovery. Investors await the US PCE inflation for July and Canada’s Q2 GDP data. The Loonie asset bounces back strongly as the US Dollar extends its upside after the United States Bureau of Economic Analysis reported that the pace at which the economy grew in the second quarter was higher than it initially appeared.
Other factors include market sentiment – whether investors are taking on more risky assets or seeking safe-havens – with risk-on being CAD-positive. 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.
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