USD/CAD refers to the US Dollar/Canadian Dollar currency pair and it shows how many CAD can be purchased for one USD....
Informally, the CAD is known as the Loonie, because of the loon bird which appears on one side of the Canadian $1 coin. USD/CAD is one of the most liquid, commonly traded major currency pairs, which means narrow spreads for traders. There are a variety of factors influencing the value of USD/CAD. One of the most significant of these is that the CAD is a commodity currency, meaning that its value is closely correlated to the value of a heavily traded commodity. The Canadian economy is strongly reliant on crude oil exports, so the currency will be impacted by oil prices and export capacity. In addition, the value of both currencies in the USD/CAD pair are influenced by the interest rate differential between the American Federal Reserve and the Bank of Canada. For example, an intervention by the Fed that strengthened the US dollar would weaken the Canadian dollar since more CAD would be required to buy a single USD dollar. It is also important to note that the Canadian dollar is one of the five major reserve currencies, meaning that many central banks and other leading financial institutions hold large amounts of CAD to use for international transactions as a way to minimize exposure to exchange rate risks.
Most Recent
The US dollar has extended its run against the Canadian dollar to the upside, and in my daily analysis, I can see that this asset still favors the US dollar over the Canadian dollar.
In my daily US dollar against Canadian dollar analysis, I noticed that the 1.38 level is an area that has been important multiple times in the past and it has been again on Wednesday.
This is a pair that continues to pressure the upside, and I think it’s probably only a matter of time before we truly find a lot of momentum entering this market.
Top Forex Brokers
I can see that the USD/CAD pair looks like it is ready to continue rallying, as the US dollar is likely to continue to attract a lot of attention.
It's obvious that the market is struggling a little bit of a hesitation here.
It's easy to see that the market is going to continue to be very noisy but very bullish.
In my daily US dollar versus Canadian dollar analysis, it's obvious that we have a lot of support underneath near the 1.36 level.
It’s hard not to notice the fact that the 1.36 level is a major support level, with the 200-Day EMA backing it up.
The Thursday session was rather quiet in the US dollar against the Canadian dollar currency pair, which makes quite a bit of sense due to the fact that it was Independence Day.
Bonuses & Promotions
The US dollar initially did try to rally a bit during the trading session on Thursday, but we continue to simply bounce around in this pair due to just the lack of any real momentum.
The US dollar has retreated slightly against the Canadian dollar during trading on Thursday, as we are waiting for the crucial Court PCE numbers coming out on Friday.
The US dollar initially fell hard against the Canadian dollar during trading on Tuesday, but the 1.36 level continues to be an area of significant support.
Subscribe
Sign up to get the latest market updates and free signals directly to your inbox.The US dollar has bounced a bit during the trading session on Friday as PMI numbers in the United States came out hotter than anticipated.
The US dollar did fall slightly during the trading session on Wednesday against the Loonie.
The US dollar has rallied a bit against the Canadian dollar during the trading session on Monday.