The USD/CAD pair flatlines around 1.3485 after retracing to 1.3420, the lowest level since March 8, during the early Asian session on Thursday.
USD/CAD trades flat near 1.3485 in Thursday’s early Asian session. Dovish Fed might continue to undermine the US dollar in the near term. BoC’s Macklemsaid it's reasonable to expect more rate cuts. Investors ponder the Federal Reserve’s path of rate cuts and digest US housing market data. The Fed’s Chair Jerome Powell speech will take center stage later in the day. Traders await fresh catalysts after last week’s jumbo rate cut by 50 basis points by the US central bank.
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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