The USD/CAD pair maintains its position on two consecutive days of gains, trading around 1.3850 during the Asian session on Friday.
USD/CAD holds ground near its two-month high of 1.3868, reached on Thursday. The US Dollar receives support due to rising bets of a potential second term for former President Donald Trump. The weakening of the commodity-linked CAD is bolstered by lower Oil prices. This level is near its two-month peak of 1.3868, reached on Thursday.
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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