The USD/CAD pair trades flat near 1.3805 during the early Asian section on Thursday.
USD/CAD trades on a flat note around 1.3805 in Thursday’s early Asian session. The BoC decided to cut the key interest rate to 4.5% at its July meeting on Wednesday, as widely expected. The flash US manufacturing sector saw a decline in July, while services business activity Index hit a 28-month high. The downside of the pair might be capped after the Bank of Canada reduces its key borrowing rates again on Wednesday, which drags the Canadian Dollar lower.
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.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
USD/CAD posts fresh three-month high near 1.3800 as BoC cuts rates againThe USD/CAD pair jumps to a fresh three-month high near the round-level resistance of 1.3800 in Wednesday’s American session.
Read more »
USD/CAD extends upside above 1.3750, with all eyes on BoC rate decisionThe USD/CAD pair extends a rally around 1.3785 during the early Asian session on Wednesday.
Read more »
USD/CAD extends gains above 1.3750, eyes on BoC rate decisionThe USD/CAD pair trades in positive territory for the fifth consecutive day near 1.3755, snapping the four-day winning streak during the early Asian session on Tuesday.
Read more »
USD/CAD steadies above 1.3600 as prospects of BoC’s subsequent rate cuts improveThe USD/CAD pair holds ground above the crucial support of 1.3600 in Monday’s European session.
Read more »
USD/CAD stays on sidelines near 1.3800 with BoC policy meeting in focusThe USD/CAD pair trades in a tight range near the round-level figure of 1.3800.
Read more »
USD/CAD moves higher to near 1.3750 with focus on BoC monetary policyThe USD/CAD pair rises to near 1.3750 in Monday’s European after recovering its intraday losses.
Read more »