The USD/CAD pair falls to near 1.3460 in Thursday’s Asian session.
USD/CAD falls to near 1.3460 with US core PCE inflation and Canadian Q2 GDP data in focus. The Fed is widely anticipated to start reducing interest rates in September. Weak Canada GDP data would prompt the BoC to ease monetary policy further. The Loonie asset drops as the US Dollar struggles to hold Wednesday’s recovery move. The US Dollar Index , which tracks the Greenback’s value against six major currencies, edges lower from 101.18 after a strong recovery from the fresh annual low of 100.50.
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.
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