USDCAD is under selling pressure for the third consecutive session making fresh two week lows. The contraction in U.S. GDP was worse than analysts estimates.
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 USD/CAD pair declined sharply as traders ignored the slumping crude oil prices and focused the weaker dollar.
USDCAD retreat as the employment data out from the U.S. shows the coronavirus crisis impact. The numbers indicate a contraction much worse than the global financial crisis.
The USDCAD pair rose by more than 70 basis points as a dark cloud loomed over the Canadian economy. Justin Trudeau is now combating two problems at the same time. Oil price is slumping while the number of coronavirus cases is slowing.
USDCAD gives up gains after worse than expected initial jobless claims. The U.S. Jobless Claims came in at 5245K above the market consensus of 5105K in the week of April 10
USDCAD pares early losses as the crude oil price slumps to $21.39. The United States Redbook Index dipped to -8.3% on April 10, from the previous 0.9%, the yearly reading came down to -2%