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US DOLLAR / CANADIAN DOLLAR Trading
The USD/CAD is the abbreviation for the US dollar versus the Canadian dollar currency pair. The USD/CAD pair tells the reader how many CAD needed to purchase 1 USD. The USD/CAD pair is amongst popular currencies pairs to trade in the foreign exchange market.
History of USD CAD Trading
The USD dates back to 1792, when the US dollar was created by the United States Congress as the official country’s currency. It serves as legal tender in many countries and it is the world’s unofficial reserve currency.
The Canadian dollar began in the early 1850s with its departure from the colonial pound and transitioned to a decimalised Canadian dollar. It is usually referred to as the Loonie. 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.
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USD/CAD Trading FAQs
When Is the Best Time to Trade USD/CAD?
When Is the Best Time to Trade USD/CAD?
While forex pairs can theoretically be traded 24 hours a day, there are optimum times to trade the USD/CAD whenever the currency pair is more volatile. From 08:00 a.m. GMT to 17:00 p.m. GMT., the USD/CAD is usually busy (GMT).
What affects USD/CAD investing?
What affects USD/CAD investing?
Many factors can affect the USD/CAD market sentiment and spot rates, such as central banks policies, the price of commodities in each country, exports of both countries, economic growth, and political stability.
Why Is the USD/CAD Currency Pair Significant to Traders?
Why Is the USD/CAD Currency
Pair Significant to Traders?
The USD/CAD currency pair is one of the most traded pairs in the foreign exchange market. It represents a significant quota of daily trade and is popular amongst newcomers and veteran traders alike.
Where Can I Find a Trusted Forex Broker to Trade USD/CAD?
Where Can I Find a Trusted
Forex Broker to Trade USD/CAD?
As you may already know, trading via CFDs (contracts for difference) is one of the most popular approaches when dealing with currencies such as USD and CAD. While there are numerous Forex brokers out there. Try to find one that suits your needs. Such as FP Markets, a fully regulated broker that offers all types of platforms and accounts, to suit every need.