The USD/CAD pair refreshes an eight-month high near 1.3850 in Thursday’s New York session.
USD/CAD prints a fresh eight-month high near 1.3850 as the US Dollar bounces back after upbeat US Q2 GDP growth. Subsiding inflationary pressures keep prospects of Fed rate cuts intact. The BoC reduced interest rates again by 25 bps, as expected. The Loonie asset strengthens as the US Dollar has bounced back strongly after upbeat United States Q2 Gross Domestic Product growth. Flash US GDP report showed that the US economy grew at a robust pace of 2.8%, which is double the prior release of 1.4%.
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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