The USD/CAD pair trades on a negative note around 1.3605 during the early Asian session on Friday.
USD/CAD trades in negative territory for the fourth consecutive day near 1.3605 in Friday’s early Asian session. The recent discouraging US economic data have fuelled the chance of a Fed September rate cut, weighing the US Dollar. Canadian Net Change in Employment is expected to decline to 22.5K versus 26.7K prior. The downtick of the pair is backed by the weaker US Dollar boardly. The release of US and Canadian employment reports will be the highlights on Friday.
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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