USD/CAD refers to the US Dollar/Canadian Dollar currency pair and it shows how many CAD can be purchased for one USD....
Informally, the CAD is known as the Loonie, because of the loon bird which appears on one side of the Canadian $1 coin. USD/CAD is one of the most liquid, commonly traded major currency pairs, which means narrow spreads for traders. There are a variety of factors influencing the value of USD/CAD. One of the most significant of these is that the CAD is a commodity currency, meaning that its value is closely correlated to the value of a heavily traded commodity. The Canadian economy is strongly reliant on crude oil exports, so the currency will be impacted by oil prices and export capacity. In addition, the value of both currencies in the USD/CAD pair are influenced by the interest rate differential between the American Federal Reserve and the Bank of Canada. For example, an intervention by the Fed that strengthened the US dollar would weaken the Canadian dollar since more CAD would be required to buy a single USD dollar. It is also important to note that the Canadian dollar is one of the five major reserve currencies, meaning that many central banks and other leading financial institutions hold large amounts of CAD to use for international transactions as a way to minimize exposure to exchange rate risks.
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USD/CAD continue to show a rather healthy range as financial institutions continue to react to mixed economic data from a variety of sources.
The US dollar initially tried to rally against the Canadian dollar during early trading on Thursday but has given back quite a bit of the gains.
The USD/CAD hit a high of nearly 1.35870 during the lightning quick price action.
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The USD/CAD is trading near the 1.34640 ratio as of this writing.
The current price of the USD/CAD is near 1.34300 which is close to support last tested in a sustained manner in the middle of January.
You can see that the market has shown it's shown to be somewhat negative during the early hours on Monday.
The US dollar has been back and forth against the Canadian dollar during the trading session on Thursday, as we continue to hang around the 1.35 level.
It looks like the US dollar initially tried to rally against the Canadian dollar during the Wednesday session.
After reaching a high of nearly 1.34925 yesterday the USD/CAD has been able to traverse lower.
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The US dollar has gone back and forth during the course of the trading session on Thursday as we continue to hang around the 1.35 level.
The US dollar initially fell a bit against the Canadian dollar during the trading session on Thursday but then turned around to show signs of strength as the CPI numbers in the United States came out a little hotter than anticipated.
The USD/CAD has climbed higher and is within sight of important mid-December resistance, but important inflation data will come from the U.S tomorrow.
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The USD/CAD has traded higher early this week as speculators have appeared to react nervously to the lows produced late last week.
The USD/CAD has initially fallen again during the trading session on Wednesday, but then turned around to show some signs of life around the 1.32 level.