Canadian Dollar (CAD)

QUOTE AND NEWS
newratings.com  Jun 1  Comment 
OTTAWA (dpa-AFX) - The Canadian dollar strengthened against most major currencies in the Asian session on Wednesday. The Canadian dollar rose to 1.4518 against the euro, from yesterday's closing value of 1.4571. Against the U.S. dollar and...
Reuters  May 31  Comment 
* Almonty will be evaluated with CAD 0.40 per share as part of transaction Source text for Eikon: Further company coverage: (Gdynia Newsroom)
newratings.com  May 31  Comment 
OTTAWA (dpa-AFX) - The Canadian dollar strengthened against most major currencies in the Asian session on Tuesday. The Canadian dollar rose to more than a 1-month high of 85.51 against the yen and a 4-day high of 1.3017 against the U.S. dollar,...
Forex News  May 30  Comment 
The Canadian dollar fell against the US dollar and the euro today, though currently it is trying to reverse losses against the former. The loonie fared far better against the yen, gaining on the Japanese currency. The Canadian dollar...
newratings.com  May 30  Comment 
OTTAWA (dpa-AFX) - The Canadian dollar trimmed its early losses against the U.S. dollar in European deals on Monday. The loonie was trading at 1.3039 against the greenback, off its early 5-day low of 1.3094. If the loonie rises further, 1.28 is...
newratings.com  May 27  Comment 
CANBERA (dpa-AFX) - The Canadian dollar continued to be lower against its key counterparts in European trading on Friday. The loonie fell to 2-day lows of 1.4583 versus the euro, 1.3048 versus the greenback and 0.9422 against the aussie, compared...
Forex News  May 26  Comment 
Canadian dollar is higher against its major counterparts today as oil prices gain ground. Also helping the loonie is the upbeat economic forecast from the Bank of Canada. There seems to be a lot of loonie-positive news, and that is...
newratings.com  May 25  Comment 
CANBERA (dpa-AFX) - The Canadian dollar advanced against its major rivals in early New York deals on Wednesday, after the Bank of Canada kept benchmark interest rate unchanged, as inflation remains roughly in line with the...
The Economic Times  May 23  Comment 
Onshape has shifted the entire process to a cloud-based system that can be accessed even on the mobile and doesn't require an app or a browser plug in.




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


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%
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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