Canadian Dollar (CAD)

QUOTE AND NEWS  7 min ago  Comment 
OTTAWA (dpa-AFX) - The Canadian dollar drifted higher against its most major rivals in European deals on Monday. The loonie hovered around an early 4-day high of 77.50 against the yen. The loonie advanced to 1.4696 against the euro and a...
Forex News  Oct 1  Comment 
The Canadian dollar gained against its most-traded rivals over the week with the help of crude oil rally caused by the surprise announcement from the Organization of Petroleum Exporting Countries. The OPEC made an announcement that it is...
Forex News  Oct 1  Comment 
The Canadian dollar rose against some of its most-trading peers on Friday but gains against the US dollar were limited while against the euro the loonie ended the session flat. The main reason for the currency’s rally was the strong...  Sep 30  Comment 
CANBERA (dpa-AFX) - The Canadian dollar advanced against its major opponents in European trading on Friday, as the Canadian economy expanded more than expectations in July, driven by higher output in the mining, quarrying, and oil and gas...  Sep 30  Comment 
CANBERA (dpa-AFX) - The Canadian dollar drifted lower against its major counterparts in pre-European deals on Friday, as oil prices declined amid skepticism over whether the OPEC deal agreeing for modest production cuts would address massive...  Sep 29  Comment 
CANBERA (dpa-AFX) - The Canadian dollar strengthened against the other major currencies in the Asian session on Thursday. The Canadian dollar rose to an 8-day high of 77.69 against the yen and a 3-day high of 1.0039 against the Australian...
Forex News  Sep 29  Comment 
The Canadian dollar was rising during the Asian trading session on Thursday, managing to maintain the rally it started on Wednesday. The rise of the currency was caused by the news about a surprise decision by the Organization...
MarketWatch  Sep 28  Comment 
Commodity-linked currencies like the Russian ruble and Canadian dollar firmed on Wednesday after a news report said that the Organization of the Petroleum Exporting Countries had reached a deal to cap oil output. The greenback slid 1% against the...
Forex News  Sep 28  Comment 
The Canadian dollar was attempting to move lower on Wednesday after showing a decent performance on Tuesday despite the drop of crude oil prices. Usually, the loonie moves in tandem with crude oil — the major export of Canada. Yet it...


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%
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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