The USD/CAD pair trades on a softer note around 1.3640 during the early Asian session on Thursday.
USD/CAD remains under selling pressure near 1.3640 in Thursday’s early Asian session. The US service sector fell into contraction territory in June. Higher crude oil prices continue to support the commodity-linked Loonie. The softer Greenback after the weaker-than-expected US Services Purchasing Managers Index for June has dragged the pair lower. Meanwhile, the USD Index accelerates its decline to 105.30 and US yieldsdecline across the board amid the Independence Day holiday on Thursday.
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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