Canadian Dollar (CAD)

QUOTE AND NEWS
Forex News  Apr 27  Comment 
Canadian dollar is getting a boost today, reaching its highest level against the US dollar in about nine months, and gaining against some of its other counterparts as well. Higher oil prices are providing support to the loonie today....
newratings.com  Apr 27  Comment 
OTTAWA (dpa-AFX) - The Canadian dollar continued to be higher against the U.S. dollar in Europe on Wednesday. The loonie advanced to 1.2571 against the greenback, its strongest since July 2015. The loonie may possibly locate resistance around the...
newratings.com  Apr 27  Comment 
CANBERA (dpa-AFX) - The Australian dollar weakened against the other major currencies in the Asian session on Wednesday. The Australian dollar fell to nearly a 2-month low of 0.9646 against the Canadian dollar and a 1-week low of 1.1117 against...
Agoracom  Apr 26  Comment 
-2015 Revenue Growth of 53% Year over Year to over USD $7,000,000 (CAD $10,000,000 ) /NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES / VANCOUVER , April 26, 2016 - VirtualArmor...
newratings.com  Apr 25  Comment 
OTTAWA (dpa-AFX) - Canadian National Railway Company (CNI, CNR.TO) announced the company now aims to deliver 2016 EPS in line with last year's adjusted EPS of C$4.44, compared to a previous outlook calling for mid-single digit EPS growth. The...
newratings.com  Apr 22  Comment 
CANBERA (dpa-AFX) - The Canadian dollar extended its early rally against the other major currencies in New York morning deals on Friday, as the nation's retail sales unexpectedly improved in February and core consumer price inflation topped...
Forex News  Apr 22  Comment 
Canadian dollar is getting a bit of a bump against its major counterparts today, thanks in large part to higher oil prices. With oil prices gaining again, that is helping the loonie, and should provide some support for the economy,...
newratings.com  Apr 22  Comment 
OTTAWA (dpa-AFX) - The Canadian dollar strengthened against most major currencies in the Asian session on Friday. The Canadian dollar rose to 1.2686 against the U.S. dollar and 86.28 against the yen, from yesterday's closing quotes of...
newratings.com  Apr 21  Comment 
CANBERA (dpa-AFX) - Reversing direction, the Canadian dollar drifted lower against the Australian and the U.S. dollars in European morning deals on Thursday. The loonie edged down to 1.2668 against the greenback and 0.9900 against the aussie,...
newratings.com  Apr 20  Comment 
OTTAWA (dpa-AFX) - The Canadian dollar weakened against the other major currencies in the Asian session on Wednesday. The Canadian dollar fell to 1.2712 against the U.S. dollar and 85.69 against the yen, from yesterday's closing quotes of...




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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