Canadian Dollar (CAD)

Forex News  Oct 21  Comment 
The Canadian dollar went down today, falling for the third consecutive trading session against the Japanese yen, after economic reports released by Statistics Canada missed market expectations. The Consumer Price Index rose 0.1%...
MarketWatch  Oct 21  Comment 
U.S. dollar hits 7-month high vs. Canadian dollar
Clusterstock  Oct 21  Comment 
The Canadian dollar is getting whacked after some disappointing data. The currency is down by 0.7% at 1.3312 per US dollar as of 8:38 a.m. ET. Just minutes earlier, data showed that core retail sales came in at 0.0% month-over-month in August,...  Oct 20  Comment 
CANBERA (dpa-AFX) - The Australian and the Canadian dollars weakened against their major counterparts in the Asian session on Thursday, as the crude oil prices fell after a strong rally in the previous day. Crude for the December delivery is...  Oct 20  Comment 
OTTAWA (dpa-AFX) - The Canadian dollar weakened against most major currencies in the Asian session on Thursday. The Canadian dollar fell to a 3-day low of 1.3146 against the U.S. dollar and a 2-day low of 1.4425 against the euro, from...  Oct 19  Comment 
CANBERA (dpa-AFX) - The Canadian dollar continued to be higher against its most major counterparts in New York trading on Wednesday, after the Bank of Canada kept its benchmark rate unchanged, while reducing its economic growth and inflation...
MarketWatch  Oct 19  Comment 
The dollar on Wednesday loses some ground against the yen and pound after data on Wednesday shows the U.S. housing market stalling.  Oct 19  Comment 
OTTAWA (dpa-AFX) - The Canadian dollar weakened against most major currencies in the Asian session on Wednesday. The Canadian dollar fell to 1.3107 against the U.S. dollar and 79.19 against the yen, from early highs of 1.3083 and 79.34,...


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%
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


  1. 1.0 1.1 1.2, Japanese Yen (JPY) Factsheet by Kathy Lien
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