The USD/CAD pair trades softer around 1.3605 during the early Asian session on Friday.
USD/CAD weakens near 1.3605 in Wednesday’s early Asian session. US S&P Global PMI was stronger than expected in August's flash estimate. Markets expect the BoC to cut the rate by 25 bps for the remaining monetary meetings of the year. However, the cautious mode in the market might lift the US Dollar ahead of the key event. The US Federal Reserve Chair Jerome Powell’s speech at the Jackson Hole Symposium will take centre stage on Friday.
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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