The USD/CAD pair attracts fresh sellers during the Asian session on Wednesday and currently trades below the 1.3600 mark, down less than 0.10% for the day.
USD/CAD meets with a fresh supply on Wednesday amid a dovish Fed -inspired USD downtick. Bets for a larger BoC rate cut, retreating Oil prices to undermine the Loonie and lend support. Traders might also prefer to wait on the sidelines ahead of the crucial FOMC policy decision. Spot prices, meanwhile, remain confined in a familiar range held over the past week or so as traders keenly await the key central bank event risk before positioning for the next leg of a directional move.
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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