USD/CAD edges lower to near 1.3740 during the early European session on Tuesday.
USD/CAD loses ground due to improved risk-on sentiment. The US Dollar steadies from the reduced bets for a 50 basis point rate cut by the Fed in September. The upside of the commodity-linked CAD could be limited due to lower WTI Oil prices. However, the US Dollar holds ground due to decreased expectations for a 50 basis point interest rate cut by the US Federal Reserve in September.
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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