Canadian Dollar finds gains on overall market flows

The Canadian Dollar rose on Wednesday, supported by other markets. A lack of data from Canada leaves CAD at the mercy of sentiment. Canadian GDP figures set to be overshadowed by US PCE inflation. The Canadian Dollar drifted higher on Wednesday, bolstered more by overall market flows than any intrinsic bidding power behind the CAD itself.

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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