The USD/CAD pair trades sideways below the crucial resistance of 1.3600 in Friday’s North American session.
USD/CAD consolidates below 1.3600 ahead of Fed Harker’s speech. The Fed is expected to cut interest rates further by 75 bps this year. The BoC may likely continue easing interest rates further. The Loonie asset consolidates as investors look for fresh cues about Fed eral Reserve’s likely monetary policy action in the remaining policy meetings this year. The market sentiment turns slightly cautious on a light United States economic calendar day.
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. Relatively higher interest rates tend to be positive for the CAD.
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