USD/CAD refers to the US Dollar/Canadian Dollar currency pair and it shows how many CAD can be purchased for one USD....
Informally, the CAD is known as the Loonie, because of the loon bird which appears on one side of the Canadian $1 coin. USD/CAD is one of the most liquid, commonly traded major currency pairs, which means narrow spreads for traders. There are a variety of factors influencing the value of USD/CAD. One of the most significant of these is that the CAD is a commodity currency, meaning that its value is closely correlated to the value of a heavily traded commodity. The Canadian economy is strongly reliant on crude oil exports, so the currency will be impacted by oil prices and export capacity. In addition, the value of both currencies in the USD/CAD pair are influenced by the interest rate differential between the American Federal Reserve and the Bank of Canada. For example, an intervention by the Fed that strengthened the US dollar would weaken the Canadian dollar since more CAD would be required to buy a single USD dollar. It is also important to note that the Canadian dollar is one of the five major reserve currencies, meaning that many central banks and other leading financial institutions hold large amounts of CAD to use for international transactions as a way to minimize exposure to exchange rate risks.
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The Friday session should be very interesting for the USD/CAD pair as the day will feature both the American and Canadian employment figures.
The USD/CAD is actually trading within a lower price range than the one it occupied last week.
The US dollar rallied rather significantly during the trading session on Monday, as the 50-Day EMA offered significant support.
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The USD/CAD is near the 1.35935 price as of this writing and continues to show an ability to incrementally climb higher.
The US dollar has fallen a bit against the Canadian dollar during the trading session on Tuesday.
The Canadian dollar seems to be on its back foot.
The USD/CAD touched a high of nearly 1.36135 yesterday in the wake of the interest rate hike from the Bank of Japan.
The US dollar has shot straight up in the air against the Loonie during trading session on Tuesday as the 1.3620 level is now being threatened.
The US dollar has initially fallen during the trading session on Thursday, only to turn around and show signs of life again.
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USD/CAD continue to show a rather healthy range as financial institutions continue to react to mixed economic data from a variety of sources.
The US dollar initially tried to rally against the Canadian dollar during early trading on Thursday but has given back quite a bit of the gains.
The USD/CAD hit a high of nearly 1.35870 during the lightning quick price action.
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The current price of the USD/CAD is near 1.34300 which is close to support last tested in a sustained manner in the middle of January.
You can see that the market has shown it's shown to be somewhat negative during the early hours on Monday.