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|Product Type: Currencies||Market: Global|
|Trading Hours: 24 hours, Mon-Fri.|
USD/CAD represents the number 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 the 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 concerning US imports of Canadian crude.