USD/CAD remains positive, trading around 1.3560 despite potential for further rate cuts by the Fed. US Treasury yields recover losses, but rising odds of rate cuts in 2024 may weigh on the USD. Canada's strong retail sales data counters calls for aggressive BoC rate cuts.
USD/CAD holds ground amid improved US Treasury yields on Monday. CME FedWatch Tool suggests a 50% chance of a 50 basis point Fed rate cut by the end of this year. The downside of the commodity-linked CAD could be limited due to higher crude Oil prices. USD/CAD remains in the positive territory, trading around 1.3560 during the Asian session on Monday. However, the US Dollar may struggle due to rising odds for further rate cuts by the US Federal Reserve in 2024.
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.
USD/CAD US Dollar Canadian Dollar Federal Reserve Interest Rates Treasury Yields Retail Sales Crude Oil
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