The USD/CAD pair struggles to gain any meaningful traction during the Asian session on Friday and currently trades around the 1.3555 region, well within the striking distance of a nearly two-week low touched the previous day.
USD/CAD hangs near a two-week low touched amid a dovish Fed -inspired USD downtick. The recent rally in Oil prices underpins the Loonie and contributes to capping the major. Bets for a larger interest rate cut by BoC act as a headwind for the CAD and limit losses. The US Dollar remains under some selling pressure for the second straight day and languishes near its lowest level since July 2023 touched in reaction to the Fed eral Reserve's oversized interest rate cut on Wednesday.
Fed FAQs What does the Federal Reserve do, how does it impact the US Dollar? Monetary policy in the US is shaped by the Federal Reserve . The Fed has two mandates: to achieve price stability and foster full employment. Its primary tool to achieve these goals is by adjusting interest rates. When prices are rising too quickly and inflation is above the Fed’s 2% target, it raises interest rates, increasing borrowing costs throughout the economy.
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