USDCAD Forecast, News and Analysis

USD/CAD is the abbreviation for the U.S. dollar versus Canadian dollar (USD/CAD) currency pair. The quote given for the USD/CAD currency pair tells the reader how many Canadian dollars (the quote currency) are needed to purchase one U.S. dollar (the base currency). Inflation is another economic value that is important for this pair.

  • Pivot points are used to identify intraday support, resistance and target levels.
  • If you’re planning a trip to Canada in the near future, you may want to convert some U.S. dollars to Canadian dollars.
  • Because the Canadian economy is heavily reliant on oil, the price of oil dictates the state of the economy and the currency itself.
  • This is considered a short-term investment or trade as CFDs tend to be used within a limited timeframe.
  • Keep in mind that exchanging currency often comes with fees attached, which calculators typically don’t include.

Pivot points are used to identify intraday support, resistance and target levels. The pivot point and its support and resistance pairs are defined as follows, where H, L, C are the current day’s high, low and close, respectively. For instance, to trade the American to Canadian dollar (USD/CAD) currency pair using CFDs, you speculate on the direction of the underlying asset. If you think the US dollar will appreciate then take a long position by buying the CFDs. If you think the US dollar will lose value against the Canadian dollar then you would take a short position by selling CFDs.

USD/JPY discovers support near 148.50 as focus shifts to US PCE inflation

This is considered a short-term investment or trade as CFDs tend to be used within a limited timeframe. Crude oil prices struggle to recover from recent losses due to market caution on the Fed’s interest rates trajectory, which impacts economic activities. The higher interest costs raise borrowing costs, which can affect the demand for Crude oil. For somebody new to the world of the foreign exchange market, it can seem like an intimidating place.

However, once you’ve grasped the basics,  trading on Forex is actually quite similar to other markets. Because there is no central exchange and it is a market driven by the world’s large financial institutions, the volumes can be huge in comparison to other markets. Not only does this lower the overall cost to traders but it also makes entering and exiting trades easy. In terms of economic data, we should highlight the Trade Account Balance, a balance between exports and imports of total goods and services. A positive value shows trade surplus, while a negative value shows trade deficit. If a steady demand in exchange for CAD exports is seen, that would turn into a positive growth in the trade balance, and that should be positive for the CAD.

I’m Canadian, and my investement account is, by default, in CAD currency. Recently I wanted by buy a US stock so I had to convert some of my CAD money in USD money. The Short, Medium and Long term indicators are grouped together and calculated separately for their groups. The overall indicator is a composite of all 13 studies listed on the page.

Barchart Opinions show traders what a variety of popular trading systems are suggesting in terms of going long or short the market. The Opinions takes up to 5 years’ worth of historical data and runs these prices through thirteen different technical indicators. After each calculation, the program assigns a buy, sell or hold value for each study, depending on where the price lies in reference to the common interpretation of the study. For example, if the price is above the moving average of the security then this is generally considered an upward trend or a buy. Barchart Opinions show traders what a variety of popular trading systems are suggesting in terms of going long or short the market.

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Your decision whether or not to make a purchase should be based on your own due diligence and not on any representation we make to you. This widget shows the latest week’s Commitment of Traders open interest. The COT data, as reported by the US Commodity Futures Trading Commission (CFTC), is from Tuesday, and is released Friday by the CFTC. Reporting firms send Tuesday open interest data on Wednesday morning. The CFTC then corrects and verifies the data for release by Friday afternoon.

Direction is a short indication of how the signal is performing based on most recent available data. Maximum is the strongest this signal has been in the historical period, and minimum how to buy aave is the weakest the signal has been in the historical period. For example, a maximum buy signal is less likely to change to a hold or a sell signal than a weak buy signal.

Canadian Dollar

Start trading currency majors with the largest range of forex markets at The USD/CAD is affected by factors that influence the value of the U.S. dollar and/or the Canadian dollar in relation to each other and other currencies. For this reason, the interest rate differential between the Federal Reserve (Fed) and the Bank of Canada (BoC), will affect the value of these currencies when compared to each other.


The Barchart Technical Opinion rating is a 72% Buy with a Strengthening short term outlook on maintaining the current direction. When you’re ready to convert currency, using a currency conversion calculator is a smart way to estimate how much you’ll spend. Since exchange rates fluctuate on a daily basis, using a calculator can ensure your math is accurate. The simple answer is ‘no’ – we at make money through the bid-ask spread.

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The signal strength is a long-term measurement of the strength of the signal compared to the strength of the signal over the past 200-trading sessions. For futures contracts, the measurement uses the past 100-trading sessions. The US Dollar vs. the Canadian Dollar is a very popular what is the eps currency pair due to the extremely large amount of cross border trading that occurs between the U.S. and Canada. The CAD is considered to be a commodity currency because of the large amount of natural resources, especially oil, that are mined and exported to southern neighbors.

Sign up at and access the most popular global markets via our web platform or our ultimate trading app. 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. It serves as legal tender in a number of countries and is it still regarded as the world’s unofficial reserve currency.

The Barchart site’s data is then updated, after the official CFTC release. Following a steady rebound toward $1,880 on Friday, Gold price made a sharp U-turn and turned negative on the day near $1,860. Although the 10-year US T-bond yield is down more than 1%, XAU/USD struggles to find demand on the last day of Q3. The indicator value is determined by adding up the totals for the different groups and dividing this sum by the number of studies in the group. Treasury Futures are beginning to trend sideways potentially indicating an end to the interest rate hike cycle, as T-Bonds continue to correct.

The Overall Average Signal, Strength and Direction is shown at the top of the page. This represents the average of the 13 popular indicators detailed in the table below. Barchart Opinions are not a recommendation to buy or sell a security.

The Canadian dollar used to be pegged to the USD but since 1970, it descending triangle pattern has been a free floating currency controlled by the Bank of Canada.

To get the best possible experience please use the latest version of Chrome, Firefox, Safari, or Microsoft Edge to view this website. The value of shares and ETFs bought through a share dealing account can fall as well as rise, which could mean getting back less than you originally put in. Back in the early 1850s, Canada began its departure from the colonial pound and transitioned to a decimalised Canadian dollar.

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