The USD/CAD pair trades on a stronger note near 1.3745 during the early European session on Tuesday.
USD/CAD holds positive ground around 1.3745 in Tuesday’s early European session. The Fed’s cautious stance continues to underpin the Greenback, creating a tailwind for the pair. Canada’s June S&P Global Manufacturing PMI data and Fed’s Chair Powell speech will be the highlights on Tuesday. The uptick of the pair is supported by the firmer Greenback and higher US Treasury bond yields.
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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