Canadian Dollar (CAD)

QUOTE AND NEWS
Forex News  4 hrs ago  Comment 
The Canadian dollar was extremely weak today, falling even against the soft US dollar. The Canadian currency was dragged down by the slump of crude oil prices and the unexpected decline of Canada’s economy.(...)Read the rest of Canadian...
newratings.com  7 hrs ago  Comment 
CANBERA (dpa-AFX) - The Canadian continued its downward trading on Friday, as the economy contracted for the fifth consecutive month in May, driven by weakness in manufacturing, mining, quarrying, and oil and gas extraction as well as wholesale...
Daily FX  7 hrs ago  Comment 
Canadian GDP for May came out weaker than expected with market expectations. Here’s what to watch.
Forex News  Jul 29  Comment 
The Canadian dollar gained against the euro and the Australian dollar today after a report showed that US inventories of crude oil shrank unexpectedly last week. The currency had also rallied against the US dollar but has lost its gains...
newratings.com  Jul 28  Comment 
CANBERA (dpa-AFX) - The Canadian dollar gained ground against its most major rivals in European deals on Tuesday, as European stocks rallied, following yesterday's China-led global rout, amid strong corporate earning results and...
newratings.com  Jul 28  Comment 
OTTAWA (dpa-AFX) - Reversing direction, the Canadian dollar climbed against the Japanese yen in European deals on Tuesday. The loonie advanced to a 4-day high of 95.17 versus the yen, off early 4-month low of 94.36. The loonie-yen pair may locate...
Forex News  Jul 24  Comment 
The Canadian dollar dropped today, tracking decline of crude oil. Signs of slowdown in economies around the world were hurting currencies, especially those tied to growth. Yet the loonie is attempting to bounce right now, and it looks...
newratings.com  Jul 24  Comment 
CANBERA (dpa-AFX) - The Canadian dollar lost ground against its major rivals in European deals on Friday, as commodities slumped after weak PMI surveys from Eurozone and China, raising concerns about global growth outlook. Metals suffered as...
newratings.com  Jul 24  Comment 
OTTAWA (dpa-AFX) - The Canadian dollar slipped against most major currencies in European deals on Friday. The loonie fell to near an 11-year low of 1.3086 against the greenback and a new 2-week low of 94.77 against the yen, compared to...




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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