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USD/CAD

United States dollar (USD) to Canadian dollar (CAD) exchange rate.

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Product Type: CurrenciesMarket: Global
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Description:

USD/CAD represents the amount of Canadian dollars needed to buy one United States dollar. In other words, the strength of one US dollar – the strongest currency in the world, against one Canadian dollar – a relatively weaker currency, yet nonetheless one of the top 8 most traded currencies. The Canadian dollar, familiarly known as the 'loonie', is often referred to as a “commodity currency” due to its close ties to the oil industry which makes up a lion's share of Canada’s expert portfolio. In addition to being the largest exporter of oil to the US, the country is the 7th largest producer and exporter of oil worldwide and has a volume of oil reserves third only to Venezuela and Saudi Arabia. It is not surprising therefore that the USD/CAD currency pair is greatly influenced by oil price changes, especially with regard to US imports of Canadian crude. 

Interesting Facts:

  • Canada is home to the 9th largest economy in the world based on gross domestic product (GDP) and the 14th largest based on purchasing power parity (PPP). It is the 5th largest energy producer, the 7th largest producer of crude oil and is overall one of the richest countries in the world.
  • 70% of Canada’s exported goods are services are to the US market, which remains its largest and most important importing country.
  • The differences between US and Canadian GDP growth, inflation and unemployment rates, and relations between the Federal Reserve Bank and the Bank of Canada’s interest and inflation rates are among the major factors that influence the USD/CAD exchange rate.
  • CAD is particularly popular among top-ranking banks that choose it because of Canada's relative economic soundness, strong governmental system, political and legal stability.
  
 
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