USD/CAD traces back its recent gains, trading around 1.3630 during the Asian session on Monday.
USD/CAD loses ground as US Dollar faces challenges after weaker-than-expected US employment data released on Friday. According to CME's FedWatch Tool, the probability of a Fed rate cut in September has increased to 70.7%, up from 64.1% just a week ago. Canada 's 10-year government bond yield fell below 3.53%, indicating an accommodative stance by the BoC. This decline is attributed to the lower US Dollar following weaker-than-expected US employment growth data released on Friday.
Canadian Dollar FAQs What key factors drive the Canadian Dollar? The key factors driving the Canadian Dollar are the level of interest rates set by the Bank of Canada , the price of Oil, Canada’s largest export, the health of its economy, inflation and the Trade Balance, which is the difference between the value of Canada’s exports versus its imports.
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