USDCAD

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.

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USDCAD News

USDCAD

USD/CAD Forecast Ahead of the Canadian Inflation Data

USD/CAD remains range-bound ahead of the Canadian inflation data. Over the past week, crude oil price’s sideways trading has supported the currency pair. WTI futures have been trading within a tight range of between $71.00 and $72.50 for a week. Besides, concerns surrounding the aggressively spreading Delta coronavirus variant have […]

USDCAD

USD/CAD Outlook with Canadian Jobs Data in the Horizon

USD/CAD is on a consolidation pattern ahead of the Canadian employment data. Analysts expect 195,000 additional people to have been employed in June after the recorded decline of 68,000 in May. In the past two releases, Statistics Canada has indicated a decline in the number of employed people. Notably, a […]

USDCAD

USD/CAD Eases on Rally Ahead of US Oil Inventory Data

USD/CAD has eased on its rally after the higher-than-expected US initial jobless claims. Analysts had expected a reading of 350,000. However, the unemployment claims came in at 373,000 compared to the previous week’s 371,000. Notably, the figures have consistently missed estimates since mid-June. USD/CAD is also reacting to the high […]

USDCAD

USD/CAD: Key Level to Watch with the Bullish Pennant Formation

USD/CAD is on a bullish pennant formation as investors eye the Fed minutes scheduled for later in Wednesday’s session. On Tuesday, the pair surged as a reaction to the plunging crude oil prices. As a commodity currency, the Canadian dollar thrives in rising oil prices. The ongoing OPEC+ crisis boosted […]

USDCAD

USD/CAD Forecast Ahead of the US Nonfarm Payrolls Data

USD/CAD is on a bullish consolidation pattern ahead of the highly anticipated NFP data. Analysts expect an addition of 700,000 nonfarm jobs in June. The figure is higher than the prior month’s 559,000. As for the US unemployment rate, the forecasted 5.7% for June is a point lower than the […]

USDCAD

USD/CAD Along 1.2176 Support Level with Canadian CPI in Focus

USD/CAD is on a decline ahead of the Canadian CPI data. Analysts expect consumer prices to have risen by 0.4% in May MoM compared to April’s 0.5%. With the exclusion of food and energy components, the forecasted reading of 0.4% MoM is lower than April’s 0.5%. The data comes a […]

USDCAD bank of canada

USD/CAD Outlook Ahead of BoC Interest Rate Decision

USD/CAD has reversed its prior gains ahead of the BoC interest rate decision. According to the Bank of America, the event scheduled for Wednesday afternoon may not push the Canadian dollar any higher. The bank has noted, “All else unchanged, we believe it will be difficult for this meeting to […]