USD/CAD: the US dollar against the Canadian dollar

• USD
• CAD

What USD/CAD is

USD/CAD shows the price of the US dollar in Canadian dollars. The US dollar is the base currency, the one you buy or sell. The Canadian dollar is the quote currency, the one the price is expressed in. Traders often call the pair the "loonie" after the bird on the Canadian coin. You will also see searches for "dollar cad".

The quote has a bid (the price at which you can sell) and an ask (the price at which you can buy). The gap between them is the spread, which is your cost of entry. A rising USDCAD price means the US dollar is strengthening against the Canadian dollar. A falling price means the Canadian dollar is gaining.

USD/CAD is a major pair because it includes the US dollar and a widely traded currency. For the wider picture, see majors, minors and exotics and currency pairs.

Pip size and pip value

A pip is the standard small price step used to measure moves in a currency pair. MetaTrader shows USDCAD with one extra digit beyond the pip. That extra digit is a fractional pip, often called a point or pipette.

Because the quote currency is CAD, the value of a pip is fixed in Canadian dollars for a given lot size. If your account is in USD or another currency, that value is converted at the current rate, so the pip value in your account currency changes as USDCAD moves. A lot is the standard trade size, and a smaller lot gives a proportionally smaller pip value.

Use the calculator to see the pip value for your lot size in CAD and in your account currency:

What tends to move the US dollar side

• Fed policy. Decisions on the federal funds rate, the statement and the press conference all matter. The dot plot is a chart in which Federal Reserve officials mark where they expect the policy rate to go. Changes in it can shift the dollar even when the rate itself is unchanged.
• US jobs (NFP). The monthly non-farm payrolls report, released with the unemployment rate and wage data, often causes sharp moves.
• US CPI. Consumer inflation data shapes what markets expect from the Fed.
• Treasury yields. Higher US yields relative to Canadian yields have often supported the US dollar. Lower relative yields have often weighed on it.
• Global risk appetite. In periods of stress, the US dollar is often in demand as a safe currency. The Canadian dollar is more sensitive to economic growth.

What tends to move the Canadian dollar side

• Bank of Canada (BoC) policy. Rate decisions, the statement and the Monetary Policy Report affect the Canadian dollar directly. The gap between BoC and Fed expectations is a key driver of the pair.
• Crude oil prices. Canada is a large oil exporter, so the Canadian dollar has often moved with crude. The link is not constant and can break for long periods. See energies.
• US–Canada trade. The US is Canada's main trading partner. News on tariffs and trade agreements can move the pair quickly.
• Canadian jobs data. The Labour Force Survey is often released on the same day as the US payrolls report. This can produce large, fast moves in both directions.

Any usdcad analysis has to weigh both sides at once. The pair reflects the difference between the two economies, not the strength of either one alone. For method, see fundamental analysis and technical analysis.

Liquidity by session and spread behaviour

• North American session. This is usually the most liquid time for USDCAD, because US and Canadian data, central bank events and oil market activity are concentrated here. The overlap with the London session tends to bring the deepest liquidity.
• London session. Liquidity is generally good, since Europe is a large trading centre for all major pairs.
• Asian session and the daily rollover. Volume is often thinner, and spreads can widen, especially around the daily rollover and at the weekly open.
• News releases. Spreads can widen sharply and prices can jump over levels, which is called slippage. A stop-loss may then fill at a worse price than set.

USD/CAD conditions at Exness

Exness does not publish a separate USDCAD specification among the facts we hold. Check the contract size, digits, spread, swap and trading hours in the specification inside your trading platform. The account-level conditions below are published by Exness:

Spreads are "from" values and can widen. Unlimited leverage covers these instruments: Forex majors and minors, DXY, USDCNH, HKDJPY, USDHKD, USDTHB; all commodities except XAUUSD247; BTCUSD, BTCUSDT, ETHUSD, ETHBTC. It applies only on real accounts: equity below 5,000 USD and at least 10 closed orders totalling 5 lots or more across real accounts. Orders opened from 15 minutes before to 90 seconds after high-impact news are subject to higher margin requirements. For forex, the leverage in that window is 1:200 (0.5%).

Exness lists Pakistan among the countries whose clients are assigned swap-free status automatically. Check your current status in the Personal Area. See swap fees and account types.

Use the calculator to see the margin needed to open a position at your leverage:

Higher leverage lowers the margin needed, but it does not reduce the size of losses. Leveraged forex and CFD trading can lose money fast. Read risk management before you trade.

In Pakistan, per the SBP, remitting foreign exchange to overseas forex/margin/CFD platforms is not allowed through any payment channel (FERA s.5(1)). Also, per the SECP, offshore platforms have no Pakistani licence or oversight and offer no legal protection or recourse. See law and regulators.

Frequently asked questions

Is USDCAD the same as CAD/USD?

No. USDCAD prices the US dollar in Canadian dollars. CAD/USD is the inverse quote, and MetaTrader platforms normally show USDCAD.

Why does my pip value change if my account is in USD?

For USDCAD, the pip value is fixed in CAD. It is then converted into USD at the current rate. Use the calculators to check it.

Does oil always move USD/CAD?

No. Crude oil has often influenced the Canadian dollar, but interest rates, trade news and risk appetite can outweigh it.

Where do I find the exact USDCAD specification at Exness?

Open the symbol specification in MT4, MT5 or the Exness platforms. You can also check the current conditions on the official Exness site.

Can I practise first?

Yes. Exness provides a demo account with 10,000 USD (virtual). See the demo account page.