Canadian Dollar (CAD)

QUOTE AND NEWS
The Straits Times  Feb 27  Comment 
February 28, 2015 1:26 AM THE director of the Commercial Affairs Department (CAD) will be the new chief regulatory officer at the Singapore Exchange (SGX).
The Hindu Business Line  Feb 27  Comment 
The Current Account Deficit (CAD) is expected to fall below 1 per cent in the next fiscal on the back of easing of global commodity prices including petroleum products, the Economic Survey 2014-15...
Forex News  Feb 26  Comment 
The Canadian dollar fell against its US counterpart today despite positive macroeconomic data from Canada. The currency also retreated against the Japanese yen but gained on the very weak euro.(...)Read the rest of Rising CPI Doesn’t Help...
Forex News  Feb 25  Comment 
The Canadian dollar gained today with the help of rising oil prices as well as yesterday’s speech from the central bank’s chief that made traders reevaluate chances for an interest rate cut.(...)Read the rest of Lower Chances for...
Forex News  Feb 20  Comment 
Canadian dollar was losing ground to its major counterparts earlier, but now the loonie has bounced back a bit. Speculation about the eurozone, along with concerns about what’s next for the US dollar, not to mention the results...
Forex News  Feb 13  Comment 
The Canadian dollar went higher today with the help of better-than-expected macroeconomic data from Canada as well as due to the rally of crude oil prices. It was the second consecutive daily gain against the US dollar...
Forex News  Feb 11  Comment 
The Canadian dollar dropped today, declining for the second consecutive session against its US counterpart and the euro, following the slump of prices for crude oil — the major Canada’s export commodity. The loonie is trying...
SeekingAlpha  Feb 10  Comment 




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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