Convert USD to CAD
USD/CAD shares a negative correlation with crude oil as oil is one of Canada's major exports. The Canadian dollar and USD/CAD can be affected by the release of data such as crude oil inventories and natural gas storage levels in the US. In addition, geopolitical tensions also have a major effect on crude oil prices, thereby affecting the exchange rate of USD/CAD as well.
Since both the US and Canada are located in North America and markets open around the same time, the USD and the CAD see maximum price action during the US session in global markets. A good time for day traders to capture most pips in USD/CAD would be between 1200 and 1700 GMT.
On average, the USD/CAD currency pair exhibits a movement of around 85 pips.