The USD/CAD pair trades flat around 1.3785 during the early Asian session on Wednesday.
USD/CAD trades on a flat note near 1.3785 in Wednesday’s early Asian session. Markets bet that the Fed will start cutting rates next month with a 50 bps reduction to its policy rate. The Canadian employment report on Friday will be closely watched. The US Dollar rebounds as some calm returns to the markets, which helps limit the pair’s losses. Later in the day, the Canadian July Ivey Purchasing Managers Index and EIA UScrude oil inventories report will be released.
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. Relatively higher interest rates tend to be positive for the CAD.
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