The USD/CAD pair falls back after a short-lived pullback move to near 1.3837 in Thursday’s American session.
USD/CAD falls back as the US Dollar fails to hold intraday gains. The US Dollar weakens on downbeat US Q2 United Labor Costs and a sharp contraction in ISM manufacturing PMI for July. A sharp recovery in Oil prices has strengthened the Canadian Dollar. The Loonie asset retreats as the US Dollar surrenders majority of its intraday gains and the Canadian Dollar strengthens. The US Dollar retreats amid a sharp decline in preliminary Q2 Unit Labor Costs and the ISM Manufacturing PMI of July.
USD/CAD daily chart Canadian Dollar FAQs What key factors drive the Canadian Dollar? The key factors driving the Canadian Dollar are the level of interest rates set by the Bank of Canada , the price of Oil, Canada’s largest export, the health of its economy, inflation and the Trade Balance, which is the difference between the value of Canada’s exports versus its imports.
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