The USD/CAD pair continues its winning streak, rising for the fourth consecutive day and trading around 1.3900 during the Asian session on Monday.
USD/CAD appreciates as the commodity-linked CAD receives downward pressure from lower crude Oil prices. WTI Oil price has dropped over 4% due to an easing in geopolitical tensions in the Middle East. CME FedWatch Tool suggests a 92.8% chance of a 25-basis-point rate cut by the Fed in November. The Canadian Dollar is facing pressure from declining Oil prices, as Canada is the largest crude Oil exporter to the United States .
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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