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 Thursday session was rather quiet in the US dollar against the Canadian dollar currency pair, which makes quite a bit of sense due to the fact that it was Independence Day.
The US dollar initially did try to rally a bit during the trading session on Thursday, but we continue to simply bounce around in this pair due to just the lack of any real momentum.
The US dollar has retreated slightly against the Canadian dollar during trading on Thursday, as we are waiting for the crucial Court PCE numbers coming out on Friday.
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The US dollar initially fell hard against the Canadian dollar during trading on Tuesday, but the 1.36 level continues to be an area of significant support.
The US dollar has bounced a bit during the trading session on Friday as PMI numbers in the United States came out hotter than anticipated.
The US dollar did fall slightly during the trading session on Wednesday against the Loonie.
The US dollar has rallied a bit against the Canadian dollar during the trading session on Monday.
The US dollar has rallied rather significantly during the early hours on Wednesday against the Canadian dollar.
The US dollar initially pulled back just a bit during the trading session on Thursday, only to turn around and show signs of strength again against its Northern neighbor.
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The U.S. dollar has fallen somewhat significant in the early hours against the Canadian dollar, but then turn around to show signs of life.
The US dollar has exploded to the upside against the Canadian dollar on Tuesday, as we are now well above the 50 day EMA.
The US dollar initially did rally a bit during the course of the trading session on Monday, but it seems like it continues to struggle with the 50 day EMA just above.
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Sign up to get the latest market updates and free signals directly to your inbox.The US dollar rallied a bit during the trading session on Thursday, as the 1.36 level has offered a significant amount of support and resistance over the last several months.
The gradual downturn in the USD/CAD the past week has now put the currency pair near interesting mid-term support levels.
The US dollar has been all over the place during the trading session on Tuesday against the Canadian dollar, as we continue to test a major support level.