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Thinking of trading USDCAD?

    1. There are plenty of fundamental events that a trader can follow in order to trade the USD/CAD profitably. Release of oil inventories in which higher inventories indicate a drop in oil prices, would mean a possibility that the USDCAD will also drop. Another event worth checking out would be the OPEC meetings and of course, interest rate changes on both sides. 2. Unlike the EU, USA and Australia, Canada has only one index (Ivey PMI). The release of this index is basically a direct representation of the Canadian economy.
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USD/CAD represents the relationship between the American and the Canadian dollars. It essentially portrays how many Canadian dollars can be traded for one American dollar. Its nickname is the loonie, due do the loon bird, featured on Canada's one-dollar coin.The US dollar needs no introduction and is paired with all the main world currencies. It dates back to 1792, when the United States Congress created the US dollar as the country's currency. Back in the early 1850s, Canada began its departure from the colonial pound and transitioned to a decimalised Canadian dollar. The Canadian dollar used to be pegged to the USD but since 1970, it has been a free-floating currency controlled by the Bank of Canada.The USD/CAD worse and best price has been $1.61200 bad in February 2002 and $0.94190 in October 2007, currently trading at 1.3440. Particular correlations of the USD/CAD would be its relationship with commodities such as Oil. The reason behind this is that Canada is a large exporter of materials and commodities.

1. Trading the USD/CAD is not as simple as it looks. You might have thought that the fact that Canada is a major commodity exporter would ease up the task, but you must not forget that most of these commodities are priced in US dollars. When you weigh in the changes in exports and imports, prices of petroleum, wheat, barley etc, do not forget to also have in mind how they directly affect the USD. 2. Donald Trump's proposed renegotiations of NAFTA are something to look out for. The US takes ¾ of Canada's goods and they are the main supplier of energy, including oil and gas.