The USD/CAD pair recovers around 1.3715 on Wednesday during the early European session.
USD/CAD holds positive ground near 1.3715 in Wednesday’s early European session. Higher crude oil prices and softer USD might weigh on the pair. Traders will take more cues from the US July CPI inflation report, which is due later on Wednesday. The upside of the pair might be limited as the rise of crude oil prices continues to support the commodity-linked Loonie. Later on Wednesday, the US Consumer Price Index for July will be in the spotlight.
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. Relatively higher interest rates tend to be positive for the CAD.
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