Canadian Dollar (CAD)

QUOTE AND NEWS
newratings.com  34 min ago  Comment 
CANBERA (dpa-AFX) - The Canadian dollar climbed against its major counterparts on Wednesday, trimming its early losses, following the Bank of Canada's decision to maintain interest rates at 1.00 percent, as expected. The Bank Rate will...
newratings.com  Oct 21  Comment 
CANBERA (dpa-AFX) - The Canadian dollar strengthened against its major rivals in European deals on Tuesday, amid risk appetite and an increase in oil prices after better-than-expected China GDP data for the third quarter. Crude for December...
Forex News  Oct 21  Comment 
The Canadian dollar started the week with losses against some of its major peers, including the euro and the Japanese yen, and continued to fall today. Monday’s economic data was positive, but it did not help the currency.(...)Read the...
Forex News  Oct 18  Comment 
The Canadian dollar fell over the week as prices for crude oil were slipping. The currency bounced by the end of the week, trimming its weekly losses, due to a positive inflation report and recovery of prices for crude.(...)Read the...
newratings.com  Oct 17  Comment 
OTTAWA (dpa-AFX) - The U.S. dollar extended its early slide against the Canadian dollar in European deals on Friday. The greenback declined to a 3-day low of 1.1222 against the loonie, compared to Thursday's close of 1.1257. The next...
newratings.com  Oct 17  Comment 
CANBERA (dpa-AFX) - The Canadian dollar climbed against the other major currencies in early European deals on Friday, as oil prices rebounded, while European shares advanced on hopes that the European Central bank may put forth more stimulus...
Commodity Online  Oct 17  Comment 
CRISIL revised down their forecast for India's CAD to $32 billion (1.5% of GDP) for 2014-15 from an earlier forecast of $47 billion (2.2% of GDP) despite the expected widening in CAD in Q2. and nbsp;CRISIL now expects oil prices to average $100...
Forex News  Oct 16  Comment 
Canadian dollar continues to struggle, thanks in large part to falling oil prices and stock prices. The loonie reached a five year low against the greenback earlier, and it appears that the struggle is likely to continue. (...)Read the...
The Economic Times  Oct 16  Comment 
The spike was mainly due to gold imports which rose to 3.8 bn in Sept from $2 bn last month, possibly reflecting festival season demand, Citi said.




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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