Canadian Dollar (CAD)

QUOTE AND NEWS
newratings.com  Sep 1  Comment 
CANBERA (dpa-AFX) - The Canadian dollar edged up against its major rivals in European deals on Tuesday, trimming early losses, after data showed that the economy grew at a faster pace in June, following a decline in five consecutive months. Data...
newratings.com  Sep 1  Comment 
OTTAWA (dpa-AFX) - The Canadian dollar drifted lower against most major rivals ahead of European deals on Tuesday. The loonie slipped to 1.3167 against the greenback, 1.4863 against the euro and 91.45 against the yen, from its early highs of...
MarketWatch  Aug 31  Comment 
Commodity-linked currencies like the Canadian dollar, Russian ruble and Norwegian krone turned higher against the dollar Monday as crude-oil prices rallied. The Canadian dollar reversed earlier declines to trade 0.1% higher on the day at 75.85...
newratings.com  Aug 31  Comment 
OTTAWA (dpa-AFX) - The Canadian dollar continued its selling spree against its most major opponents in New York morning deals on Monday. The loonie slipped to 1.3313 versus the greenback, its lowest since August 26, from an early high of...
newratings.com  Aug 28  Comment 
OTTAWA (dpa-AFX) - The Canadian dollar continued to trade in a negative territory against the U.S. dollar and the Japanese yen in New York morning deals on Friday. The loonie depreciated to 90.80 against the Japanese yen and 1.3299 against...
newratings.com  Aug 27  Comment 
OTTAWA (dpa-AFX) - The Canadian dollar strengthened against most major currencies in the Asian session on Thursday. The Canadian dollar rose to a 3-day high of 1.5029 against the euro and a 2-day high of 90.62 against the yen, from...
newratings.com  Aug 26  Comment 
OTTAWA (dpa-AFX) - Reversing direction, the euro edged down against its Canadian counterpart in Europe on Wednesday. The euro was trading at 1.5211 per loonie, off early high of 1.5432. The euro is likely to challenge support around the 1.50...
newratings.com  Aug 26  Comment 
OTTAWA (dpa-AFX) - Reversing direction, the Canadian dollar rose against the U.S. dollar in European deals on Wednesday. The loonie advanced to 1.3274 versus the greenback, up by 0.58 percent from an early low of 1.3351. The loonie is likely to...
newratings.com  Aug 25  Comment 
OTTAWA (dpa-AFX) - The Canadian dollar strengthened against most major currencies in the Asian session on Tuesday. The Canadian dollar rose to 1.3244 against the U.S. dollar, from an early 11-year low of 1.3294. Against the yen and the euro,...
newratings.com  Aug 24  Comment 
OTTAWA (dpa-AFX) - The Canadian dollar weakened against most major currencies in the Asian session on Monday. The Canadian dollar fell to an 11-year low of 1.3258 against the U.S. dollar, from last week's closing value of 1.3179. Against...




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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