The USD/CAD pair consolidates its gains around 1.3680 during the early Asian session on Tuesday.
USD/CAD trades flat with mild losses near 1.3680 in Tuesday’s early Asian session. Fed’s Powell said the central bank will not wait until inflation hits 2% to cut interest rates. Lower crude oil prices weigh on the commodity-link CAD. The Greenback recovers some lost ground as traders await the Canadian Consumer Price Index inflation data and US Retail Sales on Tuesday for fresh impetus. Also, Federal Reserve’s Adriana Kugleris set to speak.
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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