The USD/CAD pair loses traction near 1.3575 during the Asian trading hours on Monday, pressured by a softer US Dollar (USD).
USD/CAD edges lower to 1.3575 in Monday’s Asian session. The growing anticipation of larger Fed rate cuts weighs on the US Dollar. BoC’s Macklem said he has opened the door to accelerating the pace of interest rate reductions. The USD/CAD pair loses traction near 1.3575 during the Asian trading hours on Monday, pressured by a softer US Dollar . The Federal Reserve interest rate decision will take center stage on Wednesday.
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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