Introduction The USD/CAD Pair
The USD/CAD (US dollar/Canadian dollar) is the relation of the US dollar against the Canadian dollar. The CAD is the official currency of Canada and is the seventh most traded currency in the fx market. The CAD has a 82% positive correlation with oil.
Forex Knowledge: Trading the US dollar/Canadian dollar
- Typical broker spread: 1.2-4 pips
- Common used nicknames: Loonie
- Most active trading sessions: US session
- Most active trading hours: 12:00 GMT-17:30 GMT
- Average daily range (high-low): 106 pips
- Trading strategies to trade USD/CAD: Click here
- Recommended level of trading experience: Intermediate
- Value of one pip USD/CAD: Variable
Economic Events That Move The US dollar/Canadian dollar
A. CANADA
- International Merchandise Trade
- Gross Domestic Product Quarterly (GDP)
- Ivey Purchasing Managers Index (PMI)
- Leading Indicators
- Consumer Price Index (CPI)
- Retail Sales
- Bank of Canada Rate Decision
- Bank of Canada Governor Speaks
- Net Change in Employment
B. United States
- Employment – (Non-Farm Payrolls and Unemployment Rate)
- FOMC Rate Decision
- Trade Balance
- Current Account Balance
- Net Foreign Security Purchases (TIC)
- Gross Domestic Product (GDP)
- Consumer Confidence
- ISM Manufacturing
- Philadelphia Fed Survey
- Durable Goods Orders
- University of Michigan Consumer Sentiment Index
- Consumer Price Index
- Producer Price Index (PPI)
- Advance Retail Sales
- Fed President Speaks
