Canadian Dollar (CAD)

QUOTE AND NEWS
newratings.com  11 hrs ago  Comment 
CANBERA (dpa-AFX) - The Canadian dollar declined against its major counterparts in European trading on Wednesday. The loonie fell to 1.3199 against the greenback, its lowest since August 5. The loonie slipped to 1.4814 against the euro and...
Forex News  Sep 13  Comment 
The Canadian dollar was steady by the end of the previous trading session but lost its ground during the current session, falling along with crude oil prices. The currency dropped about 1% against the US dollar and the euro. It also...
Forex News  Sep 12  Comment 
The Canadian dollar was moving lower against its major counterparts during the Monday’s trading session but has rebounded against the US dollar and the euro as of now and trimmed its losses versus the Japanese yen. Crude oil was falling...
Forex News  Sep 10  Comment 
The Canadian dollar ended the Friday’s trading session very soft against its major peers. There were plenty of reasons for the currency to go down. One of such reasons was the drop of crude oil, the commodity that often strongly...
newratings.com  Sep 9  Comment 
CANBERA (dpa-AFX) - The Canadian dollar extended early decline against its major counterparts in early New York trading on Friday, after oil prices fell in the wake of a higher dollar, as a Fed speech fanned up Fed rate hike worries. Crude for...
Forex News  Sep 8  Comment 
The Canadian dollar fell against the US dollar and the euro today as mixed economic data released from Canada was not helping the currency. At the same time, the loonie outperformed the extremely weak Japanese yen. Building permits,...
newratings.com  Sep 8  Comment 
OTTAWA (dpa-AFX) - The Canadian dollar weakened against most major currencies in the Asian session on Monday. The Canadian dollar fell to near 2-week lows of 1.3078 against the U.S. dollar and 78.32 against the yen, from last week's closing...
newratings.com  Sep 7  Comment 
OTTAWA (dpa-AFX) - The Canadian dollar weakened against most major currencies in the Asian session on Wednesday. The Canadian dollar fell to a 6-day low of 78.75 against the yen and a 2-day low of 1.4463 against the euro, from yesterday's...
newratings.com  Sep 5  Comment 
CANBERA (dpa-AFX) - The Canadian dollar drifted higher against its most major counterparts in European deals on Monday, as oil prices climbed after Russia and Saudi Arabia agreed to work together to stabilize oil market. Crude for October...
The Economic Times  Sep 2  Comment 
The highest CAD in FY13 was one of the biggest reasons which wrecked the rupee, following the taper tantrums and made the currency the worst performing one.




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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