USD/CAD snaps its two-day winning streak, trading around 1.3480 during the European session on Friday.
USD/CAD inches lower due to rise in crude Oil prices. The WTI price gains ground due to supply concerns in the Middle East. The US Dollar holds its position ahead of the US PCE Price Index. The downside of the USD/CAD pair could be attributed to the commodity-linked Canadian Dollar , which receives support from higher crude Oil prices. Given the fact that Canada is the largest Oil exporter to the United States . The West Texas Intermediate Oil price continues to rise, trading around $75.
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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