The USD/CAD pair trades in positive territory for the fifth consecutive day near 1.3755, snapping the four-day winning streak during the early Asian session on Tuesday.
USD/CAD trades on a stronger note around 1.3755 in Tuesday’s early Asian session. Fed officials noted that the central bank is getting “closer” to start easing its policy. The BoC is expected to cut interest rates by 25 bps at its July meeting on Wednesday. The USD Index consolidates around 104.30 ahead of important US economic data releases later in the week. The Bank of Canada will announce its interest rate decision on Wednesday.
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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