The USD/CAD pair edges lower to 1.3585 during the early Asian session on Thursday.
USD/CAD weakens near 1.3585 in Wednesday’s early Asian session. Firmer expectations of a Fed rate cut in September after the FOMC Minutes have exerted some selling pressure on the USD. The recent Canadian CPI supported the case for another rate cut by the BoC.
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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