The USD/CAD pair attracts some dip-buying near the 1.3925 area, or a two-week low touched earlier this Monday and climbs to a fresh daily peak during the first half of the European session.
USD/CAD reverses an early dip to a two-week low and draws support from a combination of factors. Retreating Oil prices undermines the Loonie and acts as a tailwind for the pair amid a bullish USD. Falling US bond yields might cap gains for the USD and any further appreciating move for the pair. The intraday uptick is sponsored by a combination of factors and lifts spot prices to the 1.3975 region in the last hour.
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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