The USD/CAD pair posts modest gains near 1.3880 during the early European trading hours on Monday.
USD/CAD trades with mild gains 1.3880 in Monday’s early European session. The uptick of the pair is bolstered by the risk-off sentiment. Traders expect one more 25 bps rate cut by the BoC in its September meeting. The fall of crude oil prices exerts some selling pressure on the commodity-linked Canadian Dollar . However, the safety flows might provide some support to the Greenback and cap the pair’s upside. The US ISM Services Purchasing Managers Index on Monday will be the highlight.
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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