The USD/CAD pair trades with mild gains near 1.3740, snapping the five-day losing streak during the early Asian session on Friday.
USD/CAD edges higher to near 1.3740 in Friday’s early Asian session. The US Dollar recovery is bolstered by the upbeat US Initial claims last week. The Canadian employment data will be in the spotlight on Friday. The uptick of the pair is supported by the firmer US Dollar after the upbeat Initial Jobless Claims. Initial claims for unemployment insurance came in less than expected last week, easing some fears about the US labor market.
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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