USD to CAD trading
The extremely high volume of cross-border trading activities between the USA and Canada has firmly established the USD to CAD currency pair as one of the most liquid on the global market. This pair is known also as the “Loonie” due to the image of a loon depicted on the CA$1 coin.
Much like both the AUD to USD and NZD to USD pairs, the performance of the USD to CAD pair is influenced by international commodities trading. The Canadian dollar is seen as a commodity currency due to the country’s considerable natural resources: oil, timber and gas.
Oil is one resource in particular that can have the most profound effect on the USD CAD rate. Canada is the world’s fourth largest producer of oil, supplying 3.5 million barrels per day to the USA in 2018 – a figure that represented 48% of the USA’s total crude oil imports for that year.
USD CAD news
USD CAD news is heavily aligned to trading on the global commodities market – particularly oil. It is a key indicator of both the health of Canada’s currency and economy in general. A collapse in the price of oil at the end of 2015 had a huge effect on the USD CAD rate as the Canadian dollar weakened from a position of parity against the US dollar.
More recently, the imposition of tariffs by the Trump administration on Canada – and vice-versa in response – left the USD CAD rate more exposed to instabilities in the market.
USD to CAD chart
Track the latest trends and movement in the USD CAD rate with our dynamic chart, which is designed to offer insights into performance over the last week, day, hour and month. Using our unique pricing engine, we calculate the latest mid-market rates and update the USD to CAD chart in real time to help our clients make informed decisions with their currency investments.