Canadian Dollar (CAD)

QUOTE AND NEWS
newratings.com  5 hrs ago  Comment 
OTTAWA (dpa-AFX) - The Canadian dollar drifted lower against the euro in early European deals on Monday. The loonie hit 1.4674 against the euro, a level not seen since June 20. If the loonie extends decline, 1.476 is seen as its next possible...
The Hindu Business Line  Aug 3  Comment 
Lower CAD, improved forex reserves and quick policy response stand India in good stead
The Economic Times  Aug 3  Comment 
Geo-political conflicts in Gulf & other Middle Eastern countries, can push up oil prices inflating import bill, adding pressure on CAD.
SeekingAlpha  Aug 3  Comment 
By Marc Chandler: The US dollar had looked like it was finally finding traction. The euro was at its lowest level since last November. Sterling, which had been a market darling, was pushed through its 100-day moving average for the first time...
Benzinga  Aug 1  Comment 
FARO Technologies, Inc. (NASDAQ: FARO), the world's most trusted source for 3D measurement, imaging and realization technology, announced it has acquired The CAD Zone, Inc., a leading software provider in the law enforcement accident and crime...
newratings.com  Aug 1  Comment 
CANBERA (dpa-AFX) - The Canadian dollar lost ground against other major currencies ahead of the European session on Friday amid risk aversion, as investors focus on U.S. reports of personal income and spending, manufacturing activity and...
newratings.com  Aug 1  Comment 
OTTAWA (dpa-AFX) - The Canadian dollar declined against the U.S. dollar and the euro in Asia on Friday. The loonie that ended yesterday's trading at 1.0904 against the greenback and 1.4603 against the euro slipped to 1.0919 and...
OilVoice  Jul 31  Comment 
Unless otherwise noted all financial figures are unaudited presented in Canadian dollars Cdn and have been prepared in accordance with International Financial Reporting Standards IFRS specifi
newratings.com  Jul 31  Comment 
OTTAWA (dpa-AFX) - The Canadian dollar moved down against its U.S. and European counterparts in early European deals on Thursday. The loonie fell to 1.0918 against the greenback, its lowest since June 10, and more than a 2-week low of 1.4626...




RELATED WIKI ARTICLES
 

The Canadian Dollar (also known as "Loonie" [1]) is the currency of the Nation of Canada. It is denoted with a leading $, though in an international context the $ is often appended to a "C" to distinguish the currency from other dollars. For example, within the nation of Canada $69 is read "sixty-nine dollars," while in an international context the same value might be written C$69 and read "sixty-nine dollars, Canadian".

The chart at left shows the USD/CAD currency pair; the number of Canadian dollars equivalent to 1 U.S. Dollar (USD).

Forex Markets [1]

Trading Hours

The most active CAD trading hours are from CAD Economic news (7:00AM ET / 12:00 GMT) and US Economic News (8:30AM ET / 13:30 GMT)[1].

Key Currency Crosses

The 3 key currency crosses are

Things to know when trading the Canadian Dollar (CAD)

The prices of oil have enormous influence on USD/CAD because Canada is one of the world’s largest oil producers. Therefore when oil prices rise, it tends to drive the Canadian dollar higher and vice versa


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The 10 year chart of Oil vs. USD/CHF (inverted). The USD/CHF has been declining behind Oil price from Jul 2008 to Dec 2008. USD/CHF started to rise and exceed Oil price at the start of 2009

Nickname – The Canadian dollar frequently known as the “loonie.” This nickname comes from the image of a common loon, a well-known Canadian bird on one side of a one dollar Canadian coin.

Central Bank - The Bank of Canada conducts monetary policy meetings 8 times a year and their decisions on interest rates could have significant ramifications for the currency market. Mark Carney is currently the Bank of Canada Governor. He was appointed to the 7 year term in February 2008.

Most Active Trading Hours – We tend to see the most significant volatility in the Canadian dollar when Canada economic data is released which is usually at 7am ET (12:00 GMT) or 8:30am ET (13:30 GMT)

What Does the Economy Rely On? – Like many other major developed nations, the service sector in Canada makes up the largest percentage of GFT. However Canada is also one of the world’s few net exporters of energy and most important supplier of agricultural products. They also have the world’s second largest oil reserves.

Who Does the Economy Rely on for Trade? – Due to the geographical proximity, Canada’s most important trade partner is the United States, followed by the United Kingdom and China.

Market Moving Economic Releases – Central bank rate decisions are usually the most market moving indicators, which mean that they can create the greatest volatility for any currency followed by the employment report, the consumer spending and inflation reports.

The Canadian Economy

Key Facts

The Canadian Economy is comprised of 69.6% Services, 28.4% Industrial, and 2% Agriculture. It's largest trading partners are US, UK and China. Some other key facts about the Canadian Economy:

  1. US Consumes 80% of Canadian Exports
  2. Ninth Largest Oil Exporter
  3. Seventh Most Traded Currency
  4. Ninth Largest Economy in the World
  5. Large Logging and Oil Industries

General Economic Statistics

2008 GDP EstimateUSD $1.56 Trillion
Population:33.5 Million
Interest Rate*0.25%
Inflation**1.20%
Trade Balance***CAD $1.10 Billion

Market Moving Economic Releases

  1. BoC Rate Decision
  2. IVEY PMI (Purchasing Managers Index)
  3. Retail Sales
  4. Consumer Prices
  5. Employment Change
  6. GDP (Gross Domestic Product)
  7. Trade Balance

References

  1. 1.0 1.1 1.2 FX360.com, Japanese Yen (JPY) Factsheet by Kathy Lien
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