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USDCAD Tradingview Chart

Why trade USDCAD?

The US dollar and Canadian dollar are traded in the world. This is because there is a lot of trading between the US and Canada. The US Dollar and the Canadian Dollar are both part of a group called major forex. The US dollar is a power currency while the Canadian dollar is considered a commodity currency.

The pair offers a lot of activity, liquidity and small spreads that attract people who trade every day.

Currency Correlations

What may not be clear when trading on your USD/CAD live chart is that there is a correlation between currencies. No single pair trades are independent of other currencies.

Positive correlation This means that pairs move in the same direction as each other. For example, popular FX majors like GBP/USD, AUD/USD, and EUR/USD are all positively correlated. This is the result of the US dollar being used in transactions. If there are any changes to the US Dollar, such as an increase or decrease in value, then it will affect all other currencies.?

Negative correlation When money moves in opposite directions, it is negatively correlated. Some popular pairs are USD/CHF, USD/JPY, and USD/CAD. This is because of the way that the US Dollar is the base currency.

Role of the US dollar

Understanding the timeline of events in the USD/CAD is important. You can then predict future rates that will happen.

The United States is the richest country in the world. They make 25% of the world's money. The country’s economy makes money from selling things like real estate, transportation, and financial services. The US Dollar is the most traded currency in the world. It can be affected by many factors. As you already know, the Fed releases reports that are important to the economy.

Role of the Canadian Dollar

The US Dollar is important. But the Canadian Dollar is too. It has a vital role in the market.

Canada is the fourteenth biggest country in the world. It has a market-oriented economy, and lots of different kinds of production. Canada's economy is usually known as a resource-based economy. This means that it mainly relies on natural resources such as wood, grain, minerals and petroleum for export. The service sector makes up about two-thirds of the country's GDP.

USD/CAD Trading Checklist

  • Consider economic data releases
  • Study central bank statements, and
  • The latest market news in Canada and the USA

How to trade USDCAD on TradingView

1. Load USDCAD Global Prime Symbol

2. Locate Global Prime under brokers section

3. Click Connect and follow login prompt

4. Enter your Global Prime TraderEvolution details

5. Place your USDCAD Trade via TradingView

Benefits & Risks Trading USDCAD

Benefits of trading USDCAD

  • The US dollar is the most actively traded currency.
  • Attractive volume, volatility and tight spreads.
  • USD and CAD are two major FX currencies.

Risks of trading USDCAD

  • The price of oil can negatively impact the loonie
  • US policies can have significant influence over the Canadian dollar
  • Lack of capital inflows can impact the loonie

What is the USD/CAD Currency Pair?

USD/CAD is the abbreviation for the U.S. dollar versus Canadian dollar currency pair. The quote for the USD/CAD currency pair is how many Canadian dollars (the quote) are needed to buy one U.S. dollar (the base).

Trading the USD/CAD currency pair is also called trading the "loonies" which is a one dollar coin from Canada. The USD/CAD is one of the most traded currencies in the world.

Your USDCAD questions, answered.

When can you trade USDCAD? Right Arrow

The currency markets are open 24 hours a day five days a week. As such, the USDCAD pair can be traded at any time while the market is open. There are three primary sessions for the foreign exchange market.

Should I trade USDCAD? Right Arrow

The USDCAD currency pair is a very stable currency pair to trade.This currency is good for trading. It has good volatility, which means that traders can find plenty of upside.

What platforms can I use to trade USDCAD? Right Arrow

We offer the following trading platforms - MetaTrader 4, TraderEvolution and FIX API.

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