USD/CAD

The USD/CAD is the currency pair encompassing the dollar of the United States of America (symbol $, code USD), and the Canadian dollar of Canada (symbol $ code CAD). The pair’s exchange rate indicates how many Canadian dollars are needed in order to purchase one US dollar. For example, when the USD/CAD is trading at 1.3500, it means 1 US dollar is equivalent to 1.35 Canadian dollars. The US dollar (USD) is the world’s most traded currency, whilst the Canadian dollar (CAD) is the world’s seventh most traded currency. The United States and Canada are geographical neighbors, and as a result there is a lot of trade between the two countries. Thus, there is often decent volatility and low spreads for the USD/CAD, typically between 1 and 3 pips on most foreign exchange brokers. Factors Influencing the USD/CADThere are a number of important economic or news releases that can affect the USD/CAD. This includes among others, Non-Farm Payroll data for the US that are released on the first Friday of each month. Such metrics tell us whether employment is rising or falling, while the Gross Domestic Product (GDP) for Canada or the US, measure the total value of all goods and services produced by the country. In addition, the USD/CAD is known as a “Commodity Pair”, as Canada possesses large amounts of natural resources, specifically oil, which is its most traded commodity. As a result, it’s important for long term speculators of USD/CAD to keep a close eye on crude oil developments due to the strong negative correlation.
The USD/CAD is the currency pair encompassing the dollar of the United States of America (symbol $, code USD), and the Canadian dollar of Canada (symbol $ code CAD). The pair’s exchange rate indicates how many Canadian dollars are needed in order to purchase one US dollar. For example, when the USD/CAD is trading at 1.3500, it means 1 US dollar is equivalent to 1.35 Canadian dollars. The US dollar (USD) is the world’s most traded currency, whilst the Canadian dollar (CAD) is the world’s seventh most traded currency. The United States and Canada are geographical neighbors, and as a result there is a lot of trade between the two countries. Thus, there is often decent volatility and low spreads for the USD/CAD, typically between 1 and 3 pips on most foreign exchange brokers. Factors Influencing the USD/CADThere are a number of important economic or news releases that can affect the USD/CAD. This includes among others, Non-Farm Payroll data for the US that are released on the first Friday of each month. Such metrics tell us whether employment is rising or falling, while the Gross Domestic Product (GDP) for Canada or the US, measure the total value of all goods and services produced by the country. In addition, the USD/CAD is known as a “Commodity Pair”, as Canada possesses large amounts of natural resources, specifically oil, which is its most traded commodity. As a result, it’s important for long term speculators of USD/CAD to keep a close eye on crude oil developments due to the strong negative correlation.

The USD/CAD is the currency pair encompassing the dollar of the United States of America (symbol $, code USD), and the Canadian dollar of Canada (symbol $ code CAD).

The pair’s exchange rate indicates how many Canadian dollars are needed in order to purchase one US dollar.

For example, when the USD/CAD is trading at 1.3500, it means 1 US dollar is equivalent to 1.35 Canadian dollars.

The US dollar (USD) is the world’s most traded currency, whilst the Canadian dollar (CAD) is the world’s seventh most traded currency.

The United States and Canada are geographical neighbors, and as a result there is a lot of trade between the two countries.

Thus, there is often decent volatility and low spreads for the USD/CAD, typically between 1 and 3 pips on most foreign exchange brokers.

Factors Influencing the USD/CAD

There are a number of important economic or news releases that can affect the USD/CAD.

This includes among others, Non-Farm Payroll data for the US that are released on the first Friday of each month.

Such metrics tell us whether employment is rising or falling, while the Gross Domestic Product (GDP) for Canada or the US, measure the total value of all goods and services produced by the country.

In addition, the USD/CAD is known as a “Commodity Pair”, as Canada possesses large amounts of natural resources, specifically oil, which is its most traded commodity.

As a result, it’s important for long term speculators of USD/CAD to keep a close eye on crude oil developments due to the strong negative correlation.

Technical Analysis

USDCAD sniffs the rising 100 hour MA and bounces on the first test

USDCAD

USDCAD sniffs the rising 100 hour MA and bounces on the first test

  • 100 hour MA at 1.33759. The low reached 1.3382.
Greg Michalowski
Greg Michalowski
Tuesday, 22/11/2022 | 16:05 GMT-0
22/11/2022 | 16:05 GMT-0
News

USDCAD reached topside target before rotating back to the downside on the OPEC denial

USDCAD reached topside target before rotating back to the downside on the OPEC denial

  • Back down testing the broken 38.2% retracement
Greg Michalowski
Greg Michalowski
Monday, 21/11/2022 | 18:03 GMT-0
21/11/2022 | 18:03 GMT-0
Technical Analysis

USDCAD moves higher on oils tumble

USDCAD

USDCAD moves higher on oils tumble

  • Extends above the 38.2% of the move down in November
Greg Michalowski
Greg Michalowski
Monday, 21/11/2022 | 15:01 GMT-0
21/11/2022 | 15:01 GMT-0
Technical Analysis

USDCAD makes it to a new high for the week and reaches next target. More work to do.

USDCAD

USDCAD makes it to a new high for the week and reaches next target. More work to do.

  • It took some time, but the 100 hour MA did a good job basing the pair
Greg Michalowski
Greg Michalowski
Wednesday, 16/11/2022 | 17:10 GMT-0
16/11/2022 | 17:10 GMT-0
Technical Analysis

USDCAD tests its 100 hour MA/high for the day

USDCAD

USDCAD tests its 100 hour MA/high for the day

  • Buyers making a play in early NA trading
Greg Michalowski
Greg Michalowski
Wednesday, 16/11/2022 | 15:01 GMT-0
16/11/2022 | 15:01 GMT-0
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