USD/CAD retraces its recent losses, trading around 1.3510 during the Asian hours on Thursday.
USD/CAD inches higher as traders adopt caution ahead of US Initial Jobless Claims and ISM Services PMI. The US Dollar received support from the improved US Treasury yields. BoC reduced interest rates by 25 basis points to 4.25% at September’s meeting held on Wednesday. The US Dollar remains solid as traders adopt caution ahead of the release of US ISM Services PMI and Initial Jobless Claims scheduled to be released later in the North American session.
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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