The USD/CAD pair attracts some dip-buyers at the start of a new week and for now, seems to have stalled its corrective slide from the highest level since March 2020 touched last Thursday.
USD/CAD regains some positive traction and draws support from a combination of factors. The divergent Fed -BoC policy outlook and renewed USD buying act as a tailwind for the pair. An uptick in Crude Oil prices fails to benefit the Loonie or hinder a modest intraday move up. Spot prices stick to modest intraday gains through the first half of the European session and currently trade around the 1.4380 region, up less than 0.10% for the day.
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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