USD/CAD weakens below 1.3700 ahead of FOMC Minutes

USD/CAD trades on a softer note around 1.3675 in Wednesday’s early Asian session. Fed’s Powell sees progress on inflation, but he wants to see further evidence before cutting interest rates. Canadian S&P Global Manufacturing PMI remained steady at 49.3 in June, weaker than expected. The USD/CAD pair edges lower to 1.3675 during the early Asian trading hours on Wednesday, supported by the weaker US Dollar .

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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