The USDCAD pair declined today as the market reacted to the surging crude oil price. The pair dropped to an intraday low of 1.4000 as the Canadian dollar continued to surge. The CAD also gained against other peers like the British pound and euro.
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.
Live USDCAD Chart
The USDCAD is rising after Canada''s PM announces an extension of the CEWS program. Sign up to read more about the price outlook for the USDCAD.
USDCAD returns to the unchanged level after a 100 pips daily trading range. The talk of the day was the U.S. Consumer Price Index (CPI) which came in at -0.8%
The USDCAD is in a symmetrical triangle following today's 100-pip push. Which way could the pair go when the triangle gives way? Sign up to see the actionable analysis of the pair.
USDCAD slumps after another dismal U.S. initial jobless claims. U.S. Initial Jobless Claims came in at 3169K, topping the forecasts of 3000K on May 1, the previous week reading was at 3.839K.
The USDCAD pair rose as the market reacted to the latest private sector job report by Automatic Data Processor (ADP)
The USD/CAD rose by more than 30 basis points as traders reacted to the CoT report released on Friday, the falling crude oil prices, and the rising number of coronavirus cases.
The USD/CAD pair declined in overnight trading as the market reacted to positive crude oil-related news. The Canadian dollar also gained in reaction to the relatively dovish interest rates decision by the Federal Reserve.