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.
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Yesterday’s GDP numbers from Canada came in below expectations, which essentially put the Bank of Canada into the same difficult position the U.S Federal Reserve is battling.
The US dollar has initially fell during the trading session on Monday but has continued to find support near the 1.3650 level.
The US dollar initially fell against the Canadian dollar during the early hours on Thursday, but then turned around to show signs of strength again.
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The US dollar has rallied significantly during the trading session on Wednesday against the Canadian dollar, as we have seen the 1.3650 level offer support.
The USD/CAD is near the 1.36775 mark as of this writing, this after the currency pair has managed to sustain lower increments attained in early trading this morning.
The US dollar initially tried to rally against the Canadian dollar on Monday but gave back gains as it looks like we are going to continue to pullback.
The US dollar has fallen a bit against the Canadian dollar during the trading session on Wednesday, as we continue to see a lot of volatility.
The US dollar initially fell during the trading session on Monday but has seen buyers step in to pick it up near the 1.3725 CAD level.
It looks to me like the US dollar is going to continue to climb against the Canadian dollar.
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The US dollar initially pulled back just a bit during the trading session on Thursday, only to turn around and show signs of strength and break above the 1.37 level.
The USD/CAD has delivered a dynamic price range the past handful of days.
The US dollar has rallied rather significantly against the Canadian dollar during the trading session on Friday.
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Sign up to get the latest market updates and free signals directly to your inbox.The Friday session should be very interesting for the USD/CAD pair as the day will feature both the American and Canadian employment figures.
The USD/CAD is actually trading within a lower price range than the one it occupied last week.
The US dollar rallied rather significantly during the trading session on Monday, as the 50-Day EMA offered significant support.