Canadian Dollar (CAD)

QUOTE AND NEWS
Forex News  7 hrs ago  Comment 
The Canadian dollar dropped against its major counterparts today, erasing yesterday’s gains. The currency dropped as prices for crude oil declined while concerns about global growth resulted in the market sentiment that was adverse...
The Hindu Business Line  Feb 3  Comment 
With forex reserves and CAD improving, RBI doubles the eligibility limit
Forex News  Feb 3  Comment 
The Canadian dollar gained against safe currencies, namely the US dollar and the Japanese yen, today. The currency also trimmed its losses versus the euro though remained below the opening level against the shared 19-nation...
The Hindu Business Line  Feb 3  Comment 
The current account deficit is estimated to come down to 1.3 per cent of GDP in the fiscal ending March, helped by moderation in petroleum and gold imports, the Reserve Bank of India today said.
The Economic Times  Feb 3  Comment 
The CAD in the April-September period of current fiscal stood at 1.9 per cent (USD 17.9 billion), down from 3.1 per cent (USD 26.9 billion) in the same period in 2013-14.
Benzinga  Feb 2  Comment 
Advanced Drainage Systems, Inc. (“ADS”) (NYSE: WMS), a leading global manufacturer of water management products and solutions for commercial, residential, infrastructure and agricultural applications, today announced that it has acquired Ideal...
Forex News  Jan 30  Comment 
The Canadian dollar sank to new multi-year lows against its US counterpart today due to negative economic data from Canada. While analysts expected poor performance from the Canadian economy, it fared even worse than forecasts.(...)Read the...
Forex News  Jan 29  Comment 
The Canadian dollar dropped to the fresh lows against its US peer during the Thursday’s session and also fell against some other majors including the euro. The currency has plenty of reasons for its weakness, both domestic...




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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