The USD/CAD pair trades on a softer note around 1.3805 during the early Asian session on Tuesday.
USD/CAD weakens near 1.3805 in Tuesday’s early Asian session. Fears of a looming US recession might trigger the Fed to cut interest rates more aggressively this year. Lower crude oil prices might weigh on the Loonie and cap the pair’s downside. The US Dollar bounces off the YTD lows near the 102.00 level and hovers around 102.60 amid fears of a US recession.
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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