The USD/CAD pair prolongs its sharp retracement slide from the vicinity of the mid-1.3900s, or the highest level since October 2022 touched earlier this month and remains under some selling pressure for the fifth straight day on Thursday.
USD/CAD continues losing ground for the fifth straight day and drops to a multi-month low. The narrowing US-Canada rate differential continues to benefit the CAD and exerts pressure. Bearish Oil prices and a modest USD strength also do little to lend any support to the major. The downward trajectory drags spot prices to the 1.3575-1.
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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