The USD/CAD pair trades flat around 1.3645 amid the consolidation of the Greenback during the early Asian session on Wednesday.
USD/CAD holds steady near 1.3645 in Wednesday’s early Asian session. Fed officials emphasized another gradual rate cut may be appropriate. Lower crude oil prices might exert some selling pressure on the Loonie. The US Federal Reserve has emphasized that its approach to monetary policy easing will be guided by incoming economic data. Investors will take more cues from the US Consumer Price Index data, which is due on Thursday.
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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