USD/CAD seems to extend its gains as US Dollar (USD) appreciates as traders anticipate a less dovish stance from the Federal Reserve (Fed), as Donald Trump is likely to pursue his campaign promises to enact substantial tariffs, including a 10% increase on imports and a reduction in corporate taxes.
USD/CAD appreciates as Trump’s proposed fiscal policies could heighten inflation risks, prompting the Fed to adopt hawkish stance. Michigan Consumer Sentiment Index rose to 73.0 in November, exceeding 70.5 prior and expected 71.0 readings. The commodity-linked Canadian Dollar faces challenges due to lower crude Oil prices.
Other factors include market sentiment – whether investors are taking on more risky assets or seeking safe-havens – with risk-on being CAD-positive. 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.
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