Trading USD/CAD
The USD/CAD represents one of the most traded currency pairs in the world due to the large volume of cross-border trading between the US and Canada. The USD/CAD also belongs to the major forex group as it contains the influential US Dollar, while the Canadian Dollar is considered a commodity currency. Importantly, the pair offers rich volatility, liquidity, and tight spreads that attract online traders from all over.
Read on to learn about the history of the USD/CAD, its benefits and drawbacks, trading strategies and technical analysis, suitable investing times, and more. We also list the best brokers for trading USD/CAD below.
USD/CAD Trading Brokers
- OANDA US - OANDA offers a diverse selection of 68 currency pairs, more than many alternatives. The broker’s in-house platform offers superb day trading capabilities via powerful TradingView charts, including 65+ technical indicators and 11 customizable chart types.
- Vantage - Vantage offers 55+ currency pairs - above the industry average, so experienced traders can explore plenty of opportunities. Vantage's deep liquidity pool provides forex spreads from 0.0 pips in the ECN account, lower than many alternatives. There are also no commissions, deposit fees or hidden charges.
- IC Markets - IC Markets maintains its commitment to providing exceptionally tight 0.0-pip forex spreads on major currency pairs such as EUR/USD. This makes it an excellent option if you are seeking superior execution, with an average of 35 milliseconds. Additionally, if you are a high-volume trader, you can benefit from rebates of up to $2.50 per forex lot.
- AvaTrade - AvaTrade offers 50+ currency pairs with competitive spreads from 0.9 pips and zero commissions. You can trade majors, minors and exotics around the clock on industry-leading platforms, including MT4 and MT5. Traders can also access beginner-friendly trading tools and comprehensive forex education.
- FOREX.com - FOREX.com continues to uphold its stature as a premier FX broker, offering over 80 currency pairs and boasting some of the most competitive fees in the industry. With EUR/USD spreads dipping as low as 0.0 and $5 commission per $100k, it stands out. Moreover, its SMART Signals help to identify price behaviors across numerous major currency markets.
Trading USD/CAD Comparison
| Broker | Forex Assets | EUR/USD Spread | Forex App Rating | Minimum Deposit | Regulator | Visit |
|---|---|---|---|---|---|---|
|
65+ | 1.6 | 4 / 5 |
$0 | NFA, CFTC | Visit |
|
55+ | 0.0 | 4 / 5 |
$50 | FCA, ASIC, FSCA, VFSC | Visit |
|
75 | 0.02 | 4.8 / 5 |
$200 | ASIC, CySEC, FSA | Visit |
|
50+ | 0.9 | 4.3 / 5 |
- | ASIC, CySEC, FSCA, ISA, CBol, FSA, FSRA, BVI, ADGM | Visit |
|
80+ | 1.2 | 4.9 / 5 |
$100 | NFA, CFTC, CIRO, FCA, CYSEC, ASIC, SFC, FSA, MAS, CIMA | Visit |
|
100+ | 0.1 | 4.7 / 5 |
$0 | FCA, ASIC, CySEC, DFSA, CMA, BaFin, SCB | Visit |
|
55+ | 1.6 | 4.7 / 5 |
$5 | ASIC, CySEC, DFSA, FSC, FSCA | Visit |
|
50+ | 0.0 | 3.6 / 5 |
$100 | ASIC, FCA, xCySEC, SCB | Visit |
|
45+ | Variable | 3 / 5 |
$0 | - | Visit |
|
60+ | 14 pips | 4.5 / 5 |
$10 | - | Visit |
|
50+ | 1.2 | 4 / 5 |
$10 | FSC, FSA | Visit |
|
70+ | 1.58 pips (Ave) | 2.5 / 5 |
$100 | FCA, CySEC, FSCA, SCB, FSC | Visit |
|
70+ | 0.2 | 3.4 / 5 |
$0 | CySEC | Visit |
|
70+ | 1.0 | 4.8 / 5 |
$0 | FCA, CySEC, KNF, CNMV, DFSA, FSC | Visit |
|
60+ | 0.6 | 5 / 5 |
$100 | FCA, ASIC, CySEC, DFSA, MAS, FSA, FSCA, FMA, EFSA | Visit |
#1 - OANDA US
Why We Chose OANDA US
OANDA offers a diverse selection of 68 currency pairs, more than many alternatives. The broker’s in-house platform offers superb day trading capabilities via powerful TradingView charts, including 65+ technical indicators and 11 customizable chart types.
"OANDA remains an excellent broker for US day traders seeking a user-friendly platform with premium analysis tools and a straightforward joining process. OANDA is also heavily regulated with a very high trust score."
- DayTrading Review Team
- GBPUSD Spread: 3.4
- EURUSD Spread: 1.6
- EURGBP Spread: 1.7
- Total Assets: 65+
- Leverage: 1:50
- Platforms: OANDA Trade, MT4, TradingView, AutoChartist
About OANDA US
OANDA is a popular brand offering exceptional execution, low deposit requirements and advanced charting and trading platform features. The top-rated brand has over 25 years of experience and is regulated by trusted agencies, including the NFA/CFTC. Around the clock support is available for short-term traders, alongside flexible contract sizes and automated trade executions.
Pros
- The broker's API facilitates access to 25 years of deep historical data and rates from 200+ currencies
- Beginners can get started easily with $0 minimum initial deposit
- There's a strong selection of 68 currency pairs for dedicated short-term forex traders
Cons
- There's only a small range of payment methods available, with no e-wallets supported
- The range of day trading markets is limited to forex and cryptos only
- It's a shame that customer support is not available on weekends
#2 - Vantage
Why We Chose Vantage
Vantage offers 55+ currency pairs - above the industry average, so experienced traders can explore plenty of opportunities. Vantage's deep liquidity pool provides forex spreads from 0.0 pips in the ECN account, lower than many alternatives. There are also no commissions, deposit fees or hidden charges.
"Vantage remains an excellent option for CFD traders seeking a tightly-regulated broker with access to the reliable MetaTrader platforms. The fast sign-up process and $50 minimum deposit make it very straightforward to start day trading quickly."
- DayTrading Review Team
- GBPUSD Spread: 0.5
- EURUSD Spread: 0.0
- EURGBP Spread: 0.5
- Total Assets: 55+
- Leverage: 1:500
- Platforms: ProTrader, MT4, MT5, TradingView, DupliTrade
About Vantage
Founded in 2009, Vantage offers trading on 1000+ short-term CFD products to over 900,000 clients. You can trade Forex CFDs from 0.0 pips on the RAW account through TradingView, MT4 or MT5. Vantage is ASIC-regulated and client funds are segregated. Copy traders will also appreciate the range of social trading tools.
Pros
- Vantage caters to hands-off investors with beginner-friendly social trading via ZuluTrade & Myfxbook
- There are no short-term strategy restrictions with hedging and scalping permitted
- There’s an excellent suite of day trading software, including the award-winning platforms MT4 and MT5
Cons
- Unfortunately, cryptos are only available for Australian clients
- It's a shame that some clients will need to register with the offshore entity, which offers less regulatory protection
- A steep $10,000 deposit is needed for the best trading conditions, which include the $1.50 commission per side
#3 - IC Markets
Why We Chose IC Markets
IC Markets maintains its commitment to providing exceptionally tight 0.0-pip forex spreads on major currency pairs such as EUR/USD. This makes it an excellent option if you are seeking superior execution, with an average of 35 milliseconds. Additionally, if you are a high-volume trader, you can benefit from rebates of up to $2.50 per forex lot.
"IC Markets offers superior pricing, exceptionally fast execution and seamless deposits. The introduction of advanced charting platforms, notably TradingView, and the Raw Trader Plus account, ensures it remains a top choice for intermediate to advanced day traders."
- DayTrading Review Team
- GBPUSD Spread: 0.23
- EURUSD Spread: 0.02
- EURGBP Spread: 0.27
- Total Assets: 75
- Leverage: 1:30 (ASIC & CySEC), 1:500 (FSA), 1:1000 (Global)
- Platforms: MT4, MT5, cTrader, TradingView, TradingCentral, DupliTrade
About IC Markets
IC Markets is a globally recognized forex and CFD broker known for its excellent pricing, comprehensive range of trading instruments, and premium trading technology. Founded in 2007 and headquartered in Australia, the brokerage is regulated by the ASIC, CySEC and FSA, and has attracted more than 180,000 clients from over 200 countries.
Pros
- With ultra-fast execution speeds averaging 35 milliseconds and deep liquidity, IC Markets provides an optimal trading environment for scalpers, hedgers, and algorithmic traders.
- IC Markets offers fast and dependable 24/5 support based on firsthand experience, particularly when it comes to accounts and funding issues.
- IC Markets offers among the tightest spreads in the industry, with 0.0-pip spreads on major currency pairs, making it especially cost-effective for day traders.
Cons
- Despite four industry-leading third-party platforms, there is no proprietary software or trading app built with new traders in mind.
- There are fees for certain withdrawal methods, including a $20 wire charge, which can eat into profits, especially for frequent withdrawals.
- The breadth and depth of tutorials, webinars and educational resources still need work, trailing alternatives like CMC Markets and reducing its suitability for beginners.
#4 - AvaTrade
Why We Chose AvaTrade
AvaTrade offers 50+ currency pairs with competitive spreads from 0.9 pips and zero commissions. You can trade majors, minors and exotics around the clock on industry-leading platforms, including MT4 and MT5. Traders can also access beginner-friendly trading tools and comprehensive forex education.
"AvaTrade offers the full package for short-term traders. There is powerful charting software, reliable execution, transparent fees, and fast account opening with a low minimum deposit."
- DayTrading Review Team
- GBPUSD Spread: 1.5
- EURUSD Spread: 0.9
- EURGBP Spread: 1.5
- Total Assets: 50+
- Leverage: 1:30 (Retail) 1:400 (Pro)
- Platforms: WebTrader, AvaTradeGO, AvaOptions, MT4, MT5, AlgoTrader, TradingCentral, DupliTrade
About AvaTrade
AvaTrade is a leading forex and CFD broker, established in 2006 and regulated across 9 jurisdictions. Over 400,000 users have signed up with the broker which processes over 2 million trades each month. The firm offers multiple trading platforms, including MT4, MT5, and a proprietary WebTrader. 1250+ financial instruments are available for day trading, alongside a comprehensive education center and multilingual customer support.
Pros
- There's a great range of fee-free deposit methods, including bank wire, credit cards and popular e-wallets like Skrill
- Day traders can access stable spreads and zero commissions with no hidden fees
- The broker offers reliable 24/5 multilingual customer support with fast response times during testing
Cons
- A high $2000 minimum investment is required to use DupliTrade, which will be out of reach for many beginners
- There’s an above-average $50 inactivity fee after three months, though this won't impact active day traders
- There is no ECN account with raw spreads
#5 - FOREX.com
Why We Chose FOREX.com
FOREX.com continues to uphold its stature as a premier FX broker, offering over 80 currency pairs and boasting some of the most competitive fees in the industry. With EUR/USD spreads dipping as low as 0.0 and $5 commission per $100k, it stands out. Moreover, its SMART Signals help to identify price behaviors across numerous major currency markets.
"FOREX.com remains a best-in-class brokerage for active forex traders of all experience levels, with over 80 currency pairs, tight spreads from 0.0 pips and low commissions. The powerful charting platforms collectively offer over 100 technical indicators, as well as extensive research tools."
- DayTrading Review Team
- GBPUSD Spread: 1.3
- EURUSD Spread: 1.2
- EURGBP Spread: 1.4
- Total Assets: 80+
- Leverage: 1:200 (Retail), 1:500 (Pro)
- Platforms: MT4, MT5, TradingView, eSignal, AutoChartist, TradingCentral
About FOREX.com
Founded in 1999, FOREX.com is now part of StoneX, a financial services organization serving over one million customers worldwide. Regulated in the US, UK, EU, Australia and beyond, the broker offers thousands of markets, not just forex, and provides excellent pricing on cutting-edge platforms.
Pros
- Alongside a choice of leading platforms, FOREX.com offers a superb suite of supplementary tools including Trading Central research, SMART Signals pattern scanner, trading signals, and strategy builders.
- There’s a wealth of educational resources including tutorials, webinars, and a stacked YouTube channel to help you get educated in the financial markets.
- The in-house Web Trader continues to shine as one of the best-designed platforms for aspiring day traders with a slick design and over 80 technical indicators for market analysis.
Cons
- Demo accounts are frustratingly time-limited to 90 days, which doesn’t give you enough time to test day trading strategies effectively.
- Funding options are limited compared to leading alternatives like IC Markets and don’t include many popular e-wallets, notably UnionPay and POLi.
- FOREX.com's MT4 platform offers approximately 600 instruments, significantly fewer than the over 5,500 available on its non-MetaTrader platforms.
Why Trade USDCAD?
The USD/CAD currency pair is the fifth most traded forex pair in the world. With that in mind, it’s probably no surprise that it’s often highlighted on popular trading platforms and exchanges. But why should you invest in USD/CAD?
- Prevalence – It is one of the most traded pairs in the FX market, representing a significant quota of daily trade. The US Dollar is also the world’s leading reserve currency.
- Volatility – As the pair is widely traded, it leads to high volatility, thus, providing tight spreads. This ensures plenty of opportunities to make trades and profit from price fluctuations.
- Resources – With the number of tools available nowadays, short and long-term forecasts are easier to make. Live candlestick charts, for example, help you access real-time and historical graphs with customizable indicators and pivot points. Furthermore, multiple websites give you access to investing forums with ratings on trader sentiment and market outlook. These forums are often full of weekly projections and predictions for today based on multiple data points.
- Exclusivity – The USD/CAD has unique qualities. As neighboring countries, its economies run in parallel, taking away uncertainties from overseeing distant economies. Major economic news is also released on the same day, and both currencies also run under the same North American trading session.
Drawbacks
- Volatility – While high levels of volatility can result in winning positions, it can also quickly lead to large losses. Another key factor affecting USD/CAD volatility is major economic news on US non-farm payroll and Canada’s employment reports, released on the same day. This can make the forex pair incompatible with scalping strategies.
- Leverage – Similar to stock trading, leverage can increase profits, but it can also magnify losses. Because of the pair’s volatility, utilizing leverage can be unpredictable. Thus, forecasting ahead to next week or later into 2024 is essential for risk management.
- Automated competition – You can access attractive bid-ask spreads, competitive USD/CAD futures, and ETFs. However, competition nowadays is fierce. Most traders have to compete against sophisticated trading algorithms. Even if you manually analyze and react to the market, you are competing with bots that enter and exit positions immediately when pre-determined criteria have been met.
Live Chart
Influences On Movement
There is a multitude of factors to consider in the USD/CAD relationship. However, the following are key to influencing the currency pair’s conversion rate:
United States Influence
- Balance of trade and investment – Analysts often cite this as the most important influence on the value of the Dollar. The balance of trades represents the difference between what the US exports and imports. A trade deficit can affect the Dollar foreign investor sentiment. On the other hand, if the US imports more than it exports, foreign investors will try to offset the difference by buying Dollar-denominated assets.
- Politics – Political affairs can impact the strength of the US economy, so it is important to keep an eye on the latest news and updates. If financial policies are unstable, investors may lose faith in the economy and resist buying the USD. Confidence in the US presidency, government administration, and congress can also cause investors to flock. Further, tax cuts can fuel consumer spending, improving the economy. On the other hand, tax increases can also lessen budget deficits.
- Economy – A strong economy will raise the confidence of investors. It is helpful to look out for America’s industry and economic indicators. Factors like manufacturing growth, level of outsourcing, employment growth, and wage data can affect the value of the US Dollar.
- Interest rates – Naturally, investors want to capitalize on higher interest rates. Thus, the decisions made by the Federal Reserve Bank are important to monetary policy, which significantly affect the value of the Dollar. These reports can provide an idea of where the currency is headed in the future.
Canadian Influence
- International trade – When exports exceed imports, it puts upward pressure on the exchange rate. On the other hand, a trade deficit will put downward pressure on the Canadian Dollar.
- Interest rates – Similarly to the USD, higher interest rates in Canada will attract investment. Notably, the decisions to raise or lower interest rates made by the Bank of Canada today can affect the future performance of the CAD.
- Commodity prices – As a commodity currency, it is no surprise that the value of the Canadian Dollar strongly correlates to the world’s live commodity prices. Commodities represent a large share of exports in Canada. Thus when the price of oil rises, its goods become more valuable. With an increase in purchasing power, this movement will be reflected in a higher exchange rate.
Currency Correlations
What may not be clear when trading on your USD/CAD live chart is the effect of currency correlations. No single pair trades completely independent of other currencies. These relationships varying by dates are known as positive and negative correlations:
- Positive correlation – This means that pairs move in the same direction. For example, popular pairs, GBP/USD, AUD/USD, and EUR/USD, are all positively correlated. This is an outcome of the US Dollar being the counter currency. Any changes to the US Dollar will affect all pairs.
- Negative correlation – When currency pairs move in opposite directions, they are negatively correlated. Popular pairs include USD/CHF, USD/JPY, and USD/CAD. This is a result of the US Dollar being the base currency. Negatively correlated currencies will suit hedging trading strategies.
Application
A USD/CAD trader can use this information to better understand the consequences of movement in certain pairs. But it is important to note that correlations do not always remain stable. For example, USD/CAD had a strong positive correlation with a coefficient of 0.95. However, the relationship deteriorated down to 0.28. Many factors can affect this, such as economic impacts or decisions made by the Fed or BoC.
USD/CAD Trading Strategy
To trade USD/CAD effectively, it takes more than just analyzing signals and keeping up with the latest news and pre-market sentiment. It also takes more than using pip values to your advantage. Below are some useful options and considerations.
Timing
When day trading in the forex space, timing is everything. FX trading may be available 24/7, but it doesn’t mean you should buy and sell all day. Instead, you want to trade when the USD/CAD pair is active, with plenty of volume and volatility. The danger is if you trade at the wrong times, the cost of spreads and commissions can cancel out profits.
Trading sessions in Canada and the US coincide, which means longer trading sessions, but it can also mean more profit. Of course, higher trading volumes also make USD/CAD a lot riskier to trade with.
Ideal Window
So, when is the best time to day trade USD/CAD? The ideal time is arguably from 08:00 to 17:00 EST, which is the entire North American trading session. During this nine-hour window, trading volumes are at their peak, and you have better leverage.
Interestingly, the pair also sees its greatest daily volatility on a Friday, which can be due to traders adjusting positions ahead of the weekend. Spreads are normally tightest during this window, which can result in the greatest opportunities to generate profits. During this window, forex forums are also active.
All these factors can result in the biggest profit potential. Therefore, you should make sure to check for intraday volatility and invest your trading capital during this time slot.
Buying & Selling USD/CAD
The USD/CAD has a tendency to make solid moves promptly, which follows a considerable period for consolidation. So, live charts and technical analysis will often be needed to succeed in trading this FX pair.
Trading the USD/CAD can be based on some simple technical strategies. For example, you can trade based on bounces from trend lines or support and resistance levels. This steady strategy can supply many small profits over a period of time. On the other hand, traders can opt for a more aggressive strategy that delivers large profits in a short period. This involves watching out for inevitable breakout moves from the pair.
The most intense trading sessions occur at the release of economic reports such as non-farm payrolls, unemployment rates, economic sentiment, manufacturing, and non-manufacturing activity growth. Thus, trading during these events without the help of technical analysis can be done using a proactive, a reactive, or a mixed strategy. Proactive trading involves entering a position ahead of the release of today’s data, for example, and basing your decision on forecasts. A reactive approach involves entering the market after the data is published. Finally, a mixed approach combines the two.
News
The latest market news updates on the USD/CAD currency pair can quickly impact market sentiment and create price shifts. You can capitalize on the right moments, but only if you understand how the markets reacted historically.
Since this pair is significantly affected by the oil sector, you should be aware of OPEC meetings that involve oil-selling countries like Canada and the USA. These deliberations can help you forecast which currency will have bigger demand in the future. You should also keep an eye on the decisions made by the Fed and BoC. As mentioned before, these two banks make important decisions on interest rates and monetary policy, which have a large effect on the value of the USD and CAD.
Make sure to keep on top of the latest news updates, along with daily, weekly and monthly forecasts. Utilize technical analysis on live charts, the latest spot exchange rate, plus forecasts and forums. The following are some popular resources:
- XE calculates real-time daily exchange rates and quotes
- TradingView provides charting tools, market news, and real-time information on currency conversions
- IG is a leading forex trading platform with excellent tools alongside 5-year, 10-year, and 20-year charts
History
Before you start live chart investing, it is helpful to have an understanding of the USD/CAD history:
Early History
The US Dollar was created during The Coinage Act of 1792, when the United States Congress appointed it as the country’s currency. Paper banknotes were introduced into circulation in the mid-1800s. In 1913, the Federal Reserve Act created the central bank of the US. The USD is still regarded as the world’s unofficial reserve currency after the introduction of the Bretton Woods monetary system in 1944.
On the other hand, in the early 1850s, Canada departed from the colonial pound sterling and shifted to the Canadian Dollar. Until 1970, the CAD was attached to the USD, but it is currently a free-floating currency controlled by the Bank of Canada. It’s also nicknamed as the ‘loonie’, derived from the loon bird that appears on Canadian Dollar coins.
Recent History
Historical exchange rates of the USD/CAD were affected by key events. The Canadian Dollar reached parity with the US Dollar on September 20, 2007. It had been the first time in close to 31 years. Other points of USD/CAD parity were after the Great Recession when the Federal Reserve had subsequent quantitive easing. The Canadian and US Dollar eventually reached a parity of 0.95.
In fact, most instances of parity were related to periods of financial difficulty in the US or during high oil prices. For example, in 2016, the price of oil slumped to a low, trading at less than $30 per barrel. During this time, the Canadian Dollar hit a record low of 1.46 CDN to the USD.
The US to CAD FX rate between 2008 to 2018 has been anywhere between 0.94 and 1.46. The two have been relatively close in value over the decade. From 2011 to 2012, the CAD was worth more than the USD. This was when the USD/CAD exchange rate briefly dipped below 1.00. Since then, the US Dollar has shown a steady increase in value against the Canadian Dollar, particularly in mid-2015. The US Dollar was also in a general uptrend against most other major currencies during this time.
The influence of oil was felt again during the Covid-19 pandemic when oil prices fell to sub-zero. The CAD/USD rate reached 1.45. Although the CAD has since recovered, the effects can still be felt in 2024. This is in part due to Canadian inflation reaching a 31-year high of 6.7% in March 2022.
Note, the USD/CAD reached an all-time high of 1.62 in January of 2002; and an all-time low of 0.92 in November 2007.
Role Of The USD
After understanding key events in the USD/CAD timeline, it is important to grasp the role of the US Dollar to make future rate predictions.
The United States is the world’s largest economic power, representing almost 25% of the global nominal GDP. The country’s economy is primarily service-oriented, with 80% of its GDP coming from sectors like real estate, transportation, and financial services. Since the USD is the most traded currency in the world, it is affected by many factors. As already mentioned, key influences include the various reports issued by the Fed.
Other major economic indicators are:
- ISM Non-Manufacturing
- Consumer Price Index
- Producer Price Index
- ISM Manufacturing
- Trade Balance
Role Of The CAD
While you might focus your attention on the strength and role of the USD, it is equally useful to consider the role the CAD plays too.
Canada is the fourteenth biggest economy in the world. It closely resembles the United States with its market-oriented economic system, types of production, and high standard of living. Canada’s economy is typically known as a resource-based economy, as it mainly relies on the export of its natural resources such as wood, grain, minerals, and petroleum. Nonetheless, more than two-thirds of its GDP comes from its service sector.
Other major economic indicators are:
- Ivey Purchasing Managers’ Index
- Consumer Price Index
- Unemployment Rate
- Trade Balance
- Retail Sales
Importantly, the 1989 Free Trade Agreement between Canada and the US removed the majority of trading tariffs between the countries. The Bank of Canada is also a major influence on the Canadian Dollar as it enacts policies that promote economic and employment growth. Daily, weekly, monthly, and annual exchange rate charts are available on the BoC website.
Final Word On Trading USD/CAD
The USD/CAD currency pair promises volume, volatility, and tight spreads, which provide plenty of opportunity to yield profits. However, there are many factors to consider, like economic data releases, central bank statements, and the latest market news.
You must be ready to conduct your own expert analysis, utilize interactive daily, weekly and historical charts, trends, and news resources. Make sure to maximize the quality of your trades in the ideal window when the pair is most liquid. You can also invest via trusted OTC brokers such as Pepperstone and Oanda. If you follow the guidelines outlined on this page, you too can go in search of those rich forex profits.
FAQs
When Is The Best Time To Trade USD/CAD?
The USD/CAD market hours align with the North American trading session between 08:00 and 17:00 EST. This is when the FX pair is most liquid and volatile. Invest your trading capital during these times to improve the quality of trades.
How Much Is 1 USD In CAD?
The USD to CAD exchange rate is always shifting. See a live chart for the latest rate between the two popular currencies.
Is The USD Stronger Than The CAD?
The historical exchange rate of the two is always fluctuating, with both currencies being stronger than the other across various points. However, in the last few years, the US Dollar has maintained a superior position to that of the Canadian Dollar.
Can I E-Transfer USD To CAD?
There are many services available today that allow you to e-transfer USD to CAD and vice versa. For example, TD provides competitive exchange rates and ensures your transactions are processed safely and securely.
Should I Trade With USD/CAD?
When done effectively, the profit potential can be fruitful. This is because USD/CAD provides high volumes and tight spreads. It also features two key currencies, with the US Dollar being the world’s top reserve currency. Investors can make use of simple strategies like trading based on bounces from trend lines or from support and resistance levels. Alternatively, you can opt for more aggressive strategies that deliver large profits in a short space of time. A proactive, reactive, or mixed approach to the news can also prove prosperous during major economic releases.