USD/CAD Forex Trading
USD/CAD Live Charts
Use our USD to CAD live charts to get the most up-to-date insight into the recent performance of this and other currency pairs used in forex trading. It can help you make informed decisions at home or on the go – no matter if you use the TickTrader desktop platform, web terminal, or mobile app. Our real-time chart includes the very latest price, historical data, and technical analysis tools to help guide your next trade.
What Is USD/CAD Trading?
USD/CAD forex trading refers to the buying and selling of the United States dollar (known as the greenback) against the Canadian dollar (known as the loonie) in the foreign exchange market. It involves speculating on the fluctuations in the exchange rate between these two currencies.
USD/CAD is one of the major currency pairs traded globally. The exchange rate represents the value of one US dollar in terms of the Canadian dollar. For example, if the rate is 1.25, it means that 1 US dollar is equivalent to 1.25 Canadian dollars.
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USD/СAD Historical Performance
The US dollar/Canadian dollar rate has displayed a dynamic price history over the years.
From 2002 to 2007, the market moved in a strong downtrend so that by the end of 2007, the price reached historic lows, with fewer Canadian dollars required to buy 1 greenback.
During the global financial crisis of 2008-2009, there was a flight to safety, causing the greenback to strengthen against many currencies, including the loonie. However, as the global economy recovered, the loonie regained strength, benefiting from higher commodity prices so that by the beginning of 2011, 1 US dollar cost less than 1 CAD.
However, in the middle of 2013, the greenback gained strength, leading the market to a strong uptrend.
Since 2016, the rate has remained relatively range-bound, influenced by factors such as interest rate differentials, economic indicators, trade relations between the United States and Canada, and fluctuations in commodity prices.
USD/CAD is one of the most traded pairs. Its value depends on well-known factors, which allow traders to forecast its price direction with a high level of accuracy.
Major Factors That Affect the USD/CAD Pair
Moreover, USD/CAD can be influenced by factors such as monetary policy decisions by the US Federal Reserve and the Bank of Canada and political developments. Since Canada is a major exporter of commodities like oil, fluctuations in oil prices can impact the Canadian dollar and subsequently affect the value of USD/CAD.
Are you interested in this pair? You can start trading it with FXOpen right away!