The USD/CAD pair oscillates in a familiar trading range around 1.3685 during the early Asian session on Thursday.
USD/CAD consolidates in a trading range near 1.3685 in Thursday’s early Asian session. Fed’s Waller signalled a potential interest rate cut this year. Softer Canadian CPIinflation data has triggered the BoC rate cut expectation next week. The further decline in the USD Index amid the firmer rate-cut bets by the Federal Reserve might cap the pair’s upside.
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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