The USD/CAD pair weakens to near 1.4235, snapping the three-day winning streak during the Asian trading hours on Tuesday.
USD/CAD drifts lower to around 1.4235 in Tuesday’s Asian session. Fed is likely to cut interest rates by 25 bps at the December meeting on Wednesday. BoC Governor Tiff Macklem said the central bank is preparing for a shock-prone’ future. The Canadian November Consumer Price Index inflation data is due later on Tuesday. Meanwhile, the USDollar Index ,a measure of the USD's value relative to its most significant trading partners' currencies, edges lower to around 106.
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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