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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Bearish speculators of the USD/CAD who have been wagering on downside momentum to develop and remain consistent have likely been hurt the past two weeks of trading.
The USD/CAD is trading near the 1.34360 ratio as of this writing, the currency pair has turned lower since the publication of the U.S CPI numbers which came in weaker than expected.
On Tuesday the USD/CAD briefly challenged the 1.34050 vicinity and after moving higher, then tested support near the 1.34245 ratio a few times yesterday.
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The USD/CAD has continued to display the ability to trade lower early this week, but nervous and volatile results are still being produced which makes pursuing the currency pair rather dangerous.
The USD/CAD is near the 1.37075 level as of this writing, this as the broad Forex market anticipates the U.S Federal Reserve’s FOMC Statement later today.
The USD/CAD has rallied significantly during the trading session on Wednesday, to break toward the 1.38 level yet again.
The US dollar has fallen a bit during the trading session on Tuesday, reaching down below the 1.37 level during the day.
Bitcoin is having a good week despite the rising fear in the financial market.
The USD/CAD has fallen slightly during the trading session on Monday to kick off the week against most currencies, the Canadian dollar included.
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The USD/CAD is trading near the 1.37600 ratio as of this writing, the currency pair has traded above the 1.37700 level earlier in the morning.
The US dollar has rallied rather significantly as Jerome Powell reiterated the need to stay “tighter for longer” by the Federal Reserve in front of Congress.
Canada has released data on Canada's Gross Domestic Product (GDP) for Q4, which indicates no growth with a 0% quarter over quarter increase.
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Sign up to get the latest market updates and free signals directly to your inbox.The USD/CAD is trading near the 1.35300 ratio with swift price action early this morning.
The US dollar pulled back just a bit in relatively quiet trading on Monday as the 1.35 level continues to cause issues against the Canadian dollar.
The USD/CAD has gone back and forth during the trading session on Thursday as we continue to hang around the 50-Day EMA.