The USD/CAD pair trades in negative territory for the fourth consecutive day around 1.3730 during the early European session on Thursday.
USD/CAD extends its decline near 1.3730 in Thursday’s early European session, losing 0.20% on the day. The risk to consumer spending could be significantly weaker than expected in 2025 and 2026, noted the BoC Summary of Deliberations. The weekly US Initial Jobless Claims will be released later on Thursday. The extra decline of the Greenback due to the dovish stance of the US Federal Reserve drags the pair lower.
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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