Canadian Dollar (CAD)

QUOTE AND NEWS
Forex News  Dec 7  Comment 
The Canadian dollar was boosted against the British pound on Wednesday. The commodity currency has been supported by rising oil prices since the Organization of the Petroleum Exporting Countries announced that a deal to cut oil output...
MarketWatch  Dec 7  Comment 
The Canadian dollar strengthened while Canadian bond yields ticked lower on Wednesday after The Bank of Canada left its benchmark interest rate unchanged at 0.5%. In a brief policy statement, the central bank said the Canadian economy is growing...
newratings.com  Dec 6  Comment 
CANBERA (dpa-AFX) - The Canadian dollar slipped against its major counterparts in the European session on Tuesday, following a decline in oil prices on fears about the impact of OPEC's deal to curb oil production. Analysts say non-OPEC...
Channel News Asia  Dec 6  Comment 
The eight directors are being investigated under a part of the Securities and Futures Act that involves the making of false or misleading statements. 
Reuters  Dec 6  Comment 
* Eurofins reinforces its north american footprint with the acquisition of Exova's environment testing laboratories in Eastern Canada
newratings.com  Dec 5  Comment 
OTTAWA (dpa-AFX) - The Canadian dollar advanced against most major counterparts in the European session on Monday, as oil prices climbed, with last week's landmark decision by the OPEC to cap oil production raising hopes for tightened oil...
Forex News  Dec 2  Comment 
The Canadian dollar rose against most of its major peers (with the exception of the Japanese yen) with the help of rather positive employment data released from Canada over the trading session. Unlike the US employment report, Canadian...
Forex News  Dec 1  Comment 
The Canadian dollar continued to rally against its major rivals today, demonstrating especially big gains against the weak US dollar, as the OPEC oil production cut propelled oil prices higher. Yesterday’s deal to reduce oil output...
Forex News  Nov 30  Comment 
The Canadian dollar rose against the euro on Wednesday, as a surge in oil prices supported the currency of the oil exporting nation. The Organization of the Petroleum Exporting Countries concluded a meeting in Vienna today, which was...
newratings.com  Nov 29  Comment 
CANBERA (dpa-AFX) - Reversing direction, the Canadian dollar weakened against most major opponents in early European deals on Tuesday. The loonie edged down to 1.4264 against euro, 1.0062 against the aussie and 1.3441 against the greenback, from...




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


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%
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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