In this section, you will find important USDCAD news, actionable trading ideas, and a live USDCAD chart to help you understand how the Canadian Dollar trades.
USDCAD also is known as Loonie amongst Forex traders, is the ticker symbol in FX markets that represents how many Canadian dollars you can buy with one US dollar. USDCAD is one of the major FX pairs with liquidity and narrow spreads. USDCAD is a commodity pair because the Canadian economy is a natural resources export economy. The other commodity pairs are AUDUSD and NZDUSD. Important role to the value of USDCAD plays the price of oil, due to large trading volumes of oil between the two countries. Other factors that affect the Loonie exchange rate are interest rates, unemployment, economic growth, and public deficit.
The USD/CAD pair is one of the hardest-hit pairs this 2021. The move higher in the crude oil price triggered a strong CAD reaction, and the USDCAD dropped several big figures. Now that the price of oil is consolidating and the USD shows some signs of strength, the USD/CAD struggles […]
Earlier today, the Loonie strengthened against the greenback as Canada’s 10-year bond yield surged to 13-month highs at 1.481%. This allowed the USDCAD to drop to 3-year lows. However, a boost in the US Durable Goods Orders enabled the greenback to claw back some of these losses and is now […]
The Canadian Dollar has preserved its strength on the day despite the fall in Canadian retail sales for December 2020. Data from Statistics Canada showed that retail sales in Canada dropped by 3.4% in what was the largest fall since the drop that was seen in April following the start […]
The USDCAD is currently trading lower after the Loonie gained on the greenback during the New York session. The Canadian Dollar is benefitting from the upbeat GDP numbers, which show that the Canadian economy grew by 0.7%, as opposed to the previous numbers and the market expectation of 0.4%. The […]
The USDCAD pair is one of the dollar pairs that corrected the most since the last March dollar strength. From that moment on, the Canadian Dollar gained across the board, especially against the American one. Ahead of Biden’s inauguration and the Bank of Canada decision, the USDCAD pair hints at […]
The USD/CAD has slumped to fresh weekly lows near 1.2650 after the greenback came under renewed selling pressure in the New York session. Despite a slight drop in crude oil prices on the WTI benchmark, the US Dollar Index also retreated from intraday highs, after macroeconomic data showed a surge in […]
The USDCAD is climbing this Friday following the joint release of the US and Canadian employment data. Despite rising crude oil prices on the WTI benchmark, the loonie appears to have been outworked by the greenback on the day. Canada’s employment data showed that the unemployment rate rose 0.1% over […]
It is the first Friday of the new month, and this brings the first Non-Farm Payrolls for the year and the Canadian Employment data. These two employment data sets will be released at the same time on Friday, January 8, thus providing a divergence trade opportunity for the USDCAD as […]
The USDCAD resumed the bearish trend move after yesterday’s mild recovery, as a dovish Fed and an upbeat private-sector employment report from the ADP Research Institute in Canada sent the Loonie soaring. Data from the ADP indicates that Canadian private-sector employment rose by 40,800 jobs in November. This was a […]
The USD/CAD is pushing hard to take out the 1.2800 price level for the day on rising crude oil prices and an optimistic economic outlook by the BoC. Crude oil prices resumed their push towards the elusive $50 mark Thursday, staging a 1% rally on global recovery hopes. Yesterday, the […]
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