The USD/CAD pair gains traction to near 1.3925 during the early Asian session on Tuesday, bolstered by the firmer US Dollar (USD) amid the strong return of the 'Trump trade.” The Canadian September Building Permits are due later on Tuesday.
USD/CAD edges higher to around 1.3925 in Tuesday’s early Asian session. Traders brace for the US CPI inflation data, which is due on Wednesday. The concerns about possible tariffs by the Trump administration weigh on the Canadian Dollar. The USD/CAD pair gains traction to near 1.3925 during the early Asian session on Tuesday, bolstered by the firmer US Dollar amid the strong return of the Trump trade.” The Canadian September Building Permits are due later on Tuesday.
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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