The USD/CAD pair struggles to capitalize on the overnight breakout momentum through the very important 200-day Simple Moving Average (SMA) and retreats from a nearly three-week top, around the 1.3615 area touched earlier this Wednesday.
USD/CAD retreats from a multi-week top and is weighed down by a combination of factors. Rebounding Oil prices underpin the Loonie and exert pressure amid renewed USD selling. The downside seems limited as traders keenly await the release of the crucial US CPI report. The USD/CAD pair struggles to capitalize on the overnight breakout momentum through the very important 200-day Simple Moving Average and retreats from a nearly three-week top, around the 1.3615 area touched earlier this Wednesday.
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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