The USD/CAD pair remains under some selling pressure around 1.3510 on Monday during the Asian trading hours.
USD/CAD remains on the defensive near 1.3510 in Monday’s Asian session. Powell’s dovish Jackson Hole speech weighs on the US Dollar. Canadian Retail Sales dropped by 0.3% MoM in June vs. -0.8% prior, in line with the market consensus. The US Dollar edges lower after Federal Reserve Chair Jerome Powell signalled that time has come for interest rate cuts starting this September. Most Fed officials delivered dovish messages, supporting the case for rate cuts in September.
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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