USD/CAD retraces its recent losses, trading around 1.3500 during the Asian session on Monday.
USD/CAD appreciates as commodity-linked CAD faces challenges due to lower Oil prices. WTI price falls as Eight OPEC+ members are set to raise production by 180,000 barrels per day in October. The US Dollar advanced following July's US Personal Consumption Expenditures Index data. This upside is attributed to the tepid commodity-linked Canadian Dollar following the lower crude Oil prices. Given the fact that Canada is the largest Oil exporter to the United States .
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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