EURUSD 1.1771 USDJPY 112.18 USDCAD 1.2390 EURCZK 26.034 USDCZK 22.112 EURPLN 4.2872 USDPLN 3.6422
EURUSD 1.1771 USDJPY 112.18 USDCAD 1.2390 EURCZK 26.034 USDCZK 22.112 EURPLN 4.2872 USDPLN 3.6422

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The USDCAD is mainly affected by trade relations between the US and Canada

USDCAD
Bid / Ask: 1.23899 / 1.23923
Price change: 0.00512 (0.41%)
Opening price: 1.23387
Maximum price: 1.23925
Minimum price: 1.23118
Display period:
Chart type:

Rule of thumb

Significant changes in  oil prices may impact the USD/CAD price level

The USDCAD currency pair represents the amount of Canadian dollars (CAD) equal in value to one US Dollar (USD). It accounts for nearly 4% of the total turnover on the foreign exchange market (FOREX) market.

 

The Canadian Dollar is very closely related  to the US dollar, due to  trade relations between the two countries. Nearly 80% of Canada’s exports go to the United States, and nearly 50% of imports come from the United States. This situation brings some paradox in economical terms where a strong or weak USD (or CAD) may bring, at the same time, positive and negative effects to the Canadian economy. On one hand it may weaken export, but on the other hand, imported goods may become cheaper. Also CAD is sensitive to oil prices as Canada is a significant oil exporter.

 

Both these currencies are treated as commodity currencies, especially in respect to oil import. The Canadian dollar is the eighth world currency in terms of turnover. However despite its opposition to the US Dollar, it is not considered to be a reserve currency on the global forex market.

Pola oznaczone gwiazdką są wymagane.

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