USD/CAD holds its position near 1.3890 during the Asian trading hours on Tuesday, close to its three-month high of 1.3908, recorded on Monday.
USD/CAD receivessupport as the commodity-linked CAD struggles due to lower Oil prices. Crude Oil prices plunge due to easing fears of a potential all-out war in the Middle East. CME FedWatch Tool suggests a 95.8% probability of a 25-basis-point rate cut in November. The commodity-linked Canadian Dollar faces challenges due to lower Oil prices as Canada is the largest crude exporter to the United States . West Texas Intermediate oil price trades around $67.50 at the time of writing.
Other factors include market sentiment – whether investors are taking on more risky assets or seeking safe-havens – with risk-on being CAD-positive. 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.
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