Head and shoulders on USDCAD points to consolidation on the right shoulder.
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.
Live USDCAD Chart
USDCAD News
USDCAD at 2-Month Lows Following Employment Data and US Election Concerns
The US Dollar has fallen to 2-month lows against the Loonie, as US election uncertainty increased amid prolonged and contentious vote counting. However, investors are betting on a Joe Biden presidency as he takes the lead in battleground states of Georgia and Pennsylvania. Employment data from both Canada and the […]
USDCAD: Price Remains Choppy As US Elections Dominates US & Canada Data
USDCAD Inches Towards 1.3300 On the Eve of US Election Day
The USDCAD pair extended the decline from Friday as the greenback saw fresh supply that led to a 100-pip drop in the London session. This move has been prompted by increasing uncertainty about the outcome of the US Election, which concludes tomorrow with the physical vote. Many polls show Democratic […]
USDCAD Halts Advance Towards 1.34 As Canadian Economy Grows 1.2%
Data from Statistics Canada show that Canada’s economy grew by 1.2% on a monthly basis in August 2020, representing a more robust pace of growth than was expected. The markets had projected that the economy would grow by 0.9%. However, this was well short of July’s revised GDP that stood […]
USDCAD On Track to Reclaim Two Month Highs As Risk Aversion Prevails
USDCAD Soars As Bank of Canada (BoC) Keeps Rates Unchanged; Promises More Stimulus
The Loonie took a massive hit this Wednesday as risk aversion took hold of the markets shortly before the onset of the NY session. Crude oil prices fell as soaring coronavirus cases, and a lack of any further stimulus from the US Congress sent risk-seeking assets into the red. This […]
USDCAD: Bank of Canada (BOC) Interest Rate Decision Preview
The USDCAD price is relatively calm today as traders wait for the outcome of the ongoing Bank of Canada (BOC) interest rate decision. The pair is trading at 1.3186, which is slightly higher than yesterday’s low of 1.3142. Bank of Canada preview The Bank of Canada will release its interest...
USDCAD: Will the Bank of Canada Move on Interest Rates?
The USDCAD could see volatility this week as the Bank of Canada meets to share its latest interest rate announcement. The BoC currently has rates at 0.25%, which is higher than many other developed nations and a surprise cut cannot be ruled out.
USDCAD Trading Opportunities Ahead of Bank of Canada Decision
The USDCAD pair came back to the “equilibrium” level – 1.30. The 1.30 level acted as a pivotal level on the pair for such a long time that it became closely watched by traders every time the price reaches it. In fact, not even the coronavirus pandemic or the price […]
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