The USD/CAD pair oscillates in a narrow range, around the 1.3580 region on the first day of a new week and is currently placed just below a two-week high touched on Friday.
USD/CAD draws support from a modest downtick in Oil prices and a bullish USD. Reduced bets for a 50 bps Fed rate cut next month continue to benefit the buck. Middle East tensions act as a tailwind for the Loonie and cap gains for the major. A modest downtick in Crude Oil prices undermines the commodity-linked Loonie amid expectations for a bigger interest rate cut by the Bank of Canada later this month.
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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