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 USDCAD is off intraday lows after data from Statistics Canada showed that Canada Retail Sales only grew up 0.4% for August, which was much less than the consensus and previous figures of 1.1%. Core Retail Sales (retail sales ex.autos) grew 0.5%, which was higher than the -0.4% figure released […]
USDCAD was 0.25% in today’s session after a failure at resistance led to a near 100 pip drop yesterday. Today sees a key release in the form of Canadian inflation figures. Inflation expectations for the Canadian economy are for a reading of 0.4%, compared to 0.1% in August. The figures […]
USDCAD rallied on strong U.S. inflation figures yesterday but the recent downward trend may still win out. The pair currently trades at the 1.1313 level as the bulls and bears battle it out for control. Tuesday saw U.S. inflation come in at 1.4% and although this was the expected result, […]
The USDCAD extended losses for the 3rd day in a row this Friday on USD weakness and stellar Canadian Employment data. The US Dollar was already on the back foot as the markets started to bet on a Joe Biden election victory and subsequent offering of further stimulus post-election. But […]
The USDCAD resumed the downward move today, hitting the lowest level since September 21 after oil prices rose on the WTI and the Brent benchmarks on Thursday. Also, BoC Governor Tiff Macklem declared that the bank would not deploy negative interest rates even if the coronavirus situation were to worsen. […]
The USDCAD pair forms an ascending triangle ahead of the GDP release later today. Moreover, the bullish pattern might be interpreted as part of a pennant formation – another clue that the pair’s recent strength will likely continue. These days it is all about the U.S. election and the USD. […]
USDCAD keeps a bullish bias while in a rising channel, eyeing a move to 1.37.
The USDCAD pair is one of the best performers this September. It rose from 1.30 to almost 1.35 after forming an inversed head and shoulders pattern. The reversal pattern acted like a textbook one – similar consolidation on the left and right shoulders, then the price heading for the measured […]
The USDCAD pair formed a classic reversal pattern at the 1.30 level – an inversed head and shoulders with a measured move that points to the 1.35 level. Once again, the pair found support at the 1.30 level, a key level with multiple technical implications on the bigger timeframes. Both […]
USDCAD fails at the neckline and still needs to confirm a bullish reversal pattern.
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