The USD/CAD pair remains under selling pressure near 1.3615 during the early Asian session on Thursday.
USD/CAD trades on a weaker note around 1.3615 in Thursday’s early Asian session. Fed’s Powell said the central bank will cut rates when ready, regardless of the political calendar. A rise in Canada's Unemployment Rate has prompted the BoC to consider cutting interest rates in July, ING analyst said. Meanwhile, the USD Index extends its consolidation above the 105.00 hurdle as traders await the key US inflation report.
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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