Canadian Dollar (CAD)

QUOTE AND NEWS  Jan 6  Comment 
CANBERA (dpa-AFX) - The Canadian dollar declined against its most major counterparts in the European session on Friday, as European shares declined on caution ahead of the closely-watched monthly employment report due today, which could...
Forex News  Jan 5  Comment 
The Canadian dollar was little changed against the US dollar on Thursday, even as oil prices moved higher. Following strong gains during yesterday’s session that placed the Canadian dollar at its highest level against the US dollar...
Clusterstock  Jan 4  Comment 
The Canadian dollar is climbing. The currency is up by 0.9% at 1.3313 per dollar as of 7:55 a.m. ET. "For its part, the Canadian dollar is through its 20-day moving average (~CAD 1.3380) for the first time since December 15," Marc Chandler,...  Jan 2  Comment 
CANBERA (dpa-AFX) - The Canadian dollar advanced against its key counterparts in the early European session on Monday amid rising risk appetite, as European stocks recovered from its early losses on the first trading day of the year after data...  Jan 2  Comment 
CANBERA (dpa-AFX) - The Canadian dollar drifted higher against the other major currencies in early European trading on Monday. The loonie firmed to 0.9600 against the aussie, its highest since June 27, 2016. The loonie advanced to near 2-week...  Dec 30  Comment 
CANBERA (dpa-AFX) - The Canadian dollar drifted higher against its most major counterparts in the European session on Friday, as oil prices advanced on optimism over the fulfillment of the proposed agreement by the OPEC and non-OPEC members to cut...  Dec 28  Comment 
CANBERA (dpa-AFX) - The Canadian dollar strengthened against most major opponents in European trading on Wednesday, after oil prices rose on expectations of tighter supply, as the first output cut deal between OPEC and non-OPEC producers in 15...  Dec 26  Comment 
OTTAWA (dpa-AFX) - The Canadian dollar strengthened against most major opponents in the European session on Monday. The loonie firmed to a 4-day high of 1.3473 against the greenback, off its early low of 1.3540. The loonie edged up to 1.4071...


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

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
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%
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


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