Canadian Dollar (CAD)

QUOTE AND NEWS
Forex News  3 hrs ago  Comment 
The Canadian dollar fell today as economic data from Canada was unexpectedly bad. The losses were limited, though, perhaps because market participants paid more attention to news from the Unite States.(...)Read the rest of Canada Loses Jobs,...
newratings.com  Sep 5  Comment 
CANBERA (dpa-AFX) - The Canadian dollar given up some of its early gains against the yen and the Australian dollar in European morning deals on Friday. The loonie was trading at 1.0180 against the aussie, off early high of 1.0157. After climbing...
Forex News  Sep 3  Comment 
The Canadian dollar jumped today after the Bank of Canada issued a rather optimistic statement following its monetary policy meeting. The currency reached the highest level since January against the Japanese yen.(...)Read the rest of Bank...
newratings.com  Sep 3  Comment 
CANBERA (dpa-AFX) - The Canadian dollar advanced against the other major currencies in New York deals on Wednesday, as the Bank of Canada decided to maintain its target for the overnight rate at 1 percent. The Bank Rate was held at 1.25 percent...
The Economic Times  Sep 3  Comment 
The comments come days after the government released the Q1 GDP numbers at 5.7 per cent and CAD at 1.7 per cent of GDP.
MedPage Today  Sep 2  Comment 
BARCELONA (MedPage Today) -- For patients with coronary artery disease (CAD), stenting based on fractional flow reserve (FFR) measurement leads to better outcomes than medical therapy alone, researchers reported here.
Agoracom  Sep 2  Comment 
A small but growing – and surprising – number of workers are rejecting Canadian dollar salaries for Bitcoin, according to a Waterloo, Ont., payroll firm. Wagepoint CEO Shrad Rao said his firm came up with the cryptocurrency payment option...
DailyFinance  Sep 2  Comment 
St. Jude Medical, Inc. (NYSE: STJ), a global medical device company, today announced primary outcome two-year data from the FAME 2 Trial which demonstrated sustained superiority with FFR-guided PCI using St. Jude Medical...




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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