USD/CAD holds losses around 1.3800 after retreating from eight-month highs

USD/CAD edges lower after pulling back from an eight-month high of 1.3849 level. The pair’s downside could be restrained as stronger US economic data have reduced the Fed’s rate cut odds for September. The Canadian Dollar may struggle as the BoC is expected to continue easing policy in 2024. The pair retreated from an eight-month high of 1.3849, a level recorded on Thursday.

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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