Convert USD to CAD - US Dollar to Canadian dollar Exchange Rate | FX LeadersFX Leaders
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WHAT IMPACTS THE USD/CAD EXCHANGE RATE
The USD/CAD currency pair is also known as the Loonie and is an interesting pair to trade as it is closely correlated with crude oil. This is because oil is one of the key exports out of Canada, making the value of the Canadian dollar closely connected to crude oil prices.When the price of crude oil rises, the exchange rate of USD/CAD falls as the Canadian dollar - which is known as a commodity currency, strengthens and turns the Loonie bearish, and vice versa. In addition to crude oil, factors that impact the Loonie’s exchange rate include release of important economic data, monetary policy decisions of the Federal Reserve and the Bank of Canada (BOC), political developments, and trade-related developments.Key economic releases that affect the movement of the US dollar and the Canadian dollar include GDP, unemployment rate, inflation, consumer confidence, business sentiment, manufacturing and services sector activity, retail sales and trade balance. In addition, the exchange rate of USD/CAD is also influenced by changes in the monetary policy and interest rates by the Fed and the BOC.Trade is an especially important factor that moves this currency pair as the economy of Canada is heavily dependent on its exports. The US is the main market for Canadian exports, so any trade or tariff related developments by the US also have a significant impact on the Canadian economy and the CAD.
USD to CAD CONVERSION RATES
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USD to CAD CHARTS
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USD to CAD EXCHANGE RATE - FAQ
Why should crude oil prices be monitored while trading USD/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.

What is the best time to trade the Loonie?

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.

How volatile are USD and CAD?

On average, the USD/CAD currency pair exhibits a movement of around 85 pips.