The Canadian Dollar (CAD) pulled into the midrange on Monday, kicking off the new trading week with a notable lack of momentum.
The Canadian Dollar found little reason to move at the outset of the new trading week. Despite a soft start, plenty of key events loom in the week ahead. The BoC is expected to cut rates again, and US NFP jobs data lurks on Friday. The Canadian Dollar pulled into the midrange on Monday, kicking off the new trading week with a notable lack of momentum.
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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