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country currency pairs usdcad

US Dollar vs Canadian Dollar

US Dollar vs Canadian Dollar (USDCAD)

USDCAD is a popular currency pair in the foreign exchange market that represents the exchange rate between the US dollar and the Canadian dollar. It is widely traded due to the strong economic ties between the United States and Canada.

-.-- -.--%
Annual change
-.--%
All time High / Low
1.11217 / 1.46898
Buy

--.--

Sell

--.--

-.-
Daily price range:
Low
1.38798
High
1.38975

USDCAD Contract Specifications

  • Minimum Spreads, points: 0
  • Contract Size per Lot: 100000
  • Swap type: Points
  • Swap Long: -1.17
  • Swap Short: -9.04
  • Margin Group: FX Majors
  • Margin Currency: USD
  • Tick size: 0
  • Trading Platform: MetaTrader 4
  • Minimum Volume: 0.01
  • Maximum Volume: 0
  • Trading Schedule EET: 00:00 - 23:59 Mon - Fri
  • Hedged Margin: 1
  • Days Swap: FX Wednesday, metals-indices-oil friday

History of USDCAD

The history of the USDCAD currency pair is characterized by its close relationship to the economic ties between the United States and Canada. The pair represents the exchange rate between the United States Dollar USD and the Canadian Dollar CAD. Historically, the Canadian Dollar has been influenced by factors such as commodity prices, particularly oil due to Canada’s significant energy exports. The pair has experienced fluctuations in response to economic data, central bank policies, and trade relations between the two countries. Traders and investors often watch this pair closely for trading opportunities and as a reflection of economic developments in North America.

currency pair usdcad

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Frequently Asked Questions

USDCAD is a currency pair that represents the exchange rate between the United States Dollar USD and the Canadian Dollar CAD. In this pair, USD is the base currency, and CAD is the quote currency. It tells you how much one U.S. Dollar is worth in Canadian Dollars. This currency pair is widely traded in the forex market and is influenced by various economic factors, including economic indicators, central bank policies, commodity prices (especially oil), and trade relations between the United States and Canada. Traders and investors use the USDCAD pair to speculate on the relative strength or weakness of these two currencies and to take advantage of price fluctuations in the exchange rate.

To trade the USDCAD pair, you will need to open an account. Once you have an account, you can place trades on the USDCAD pair through their trading platform. It is important to conduct thorough research and analysis before entering any trades, and to set proper risk management strategies in place. This may involve using technical analysis tools, monitoring relevant news and economic indicators, and considering factors such as interest rate differentials and geopolitical events that could impact the exchange rate between the US dollar and the Canadian dollar.

The trading hours for USDCAD can be found here

Popular trading strategies for the USDCAD pair include trend following, breakout trading, range trading, swing trading, carry trading, news trading, divergence trading, scalping, position trading, and hedging. These strategies cater to various trading styles and objectives, allowing traders to choose the one that aligns best with their preferences and market conditions. Effective risk management is essential when applying any of these strategies to protect your capital.

When trading the USDCAD pair, there are several factors to consider. Firstly, it is important to monitor economic indicators and news releases from both the United States and Canada, as these can have a significant impact on the exchange rate. Key indicators to watch include GDP growth, employment figures, inflation rates, and central bank announcements. Additionally, factors such as interest rate differentials, geopolitical events, and commodity prices (especially oil) can also influence the USDCAD exchange rate. It is advisable to perform thorough technical and fundamental analysis, use risk management techniques, and stay updated on market conditions to make informed trading decisions.