USD/CAD (US dollar / Canadian dollar) — Live Rate, Chart & Analysis
USD/CAD, the "Loonie", is dominated by two factors: the price of West Texas Intermediate (WTI) crude oil, because Canada is one of the largest oil exporters to the United States, and the policy spread between the Bank of Canada and the US F…
About USD/CAD
USD/CAD, the "Loonie", is dominated by two factors: the price of West Texas Intermediate (WTI) crude oil, because Canada is one of the largest oil exporters to the United States, and the policy spread between the Bank of Canada and the US Federal Reserve. WTI strength typically pushes USD/CAD lower (a stronger CAD). The pair has high intraday correlation with US equity sentiment as well. Liquidity is best during the New York session, which overlaps with the Toronto session. The Bank of Canada announces rate decisions roughly eight times a year. Typical daily range is 50-90 pips. NewFXT presents USD/CAD with live quotes, technical signals, BoC and Fed rate context and AI-generated commentary.
USD/CAD FAQ
What is USD/CAD?
USD/CAD is the exchange rate of the US dollar against the Canadian dollar. The Canadian dollar is nicknamed the "Loonie" after the loon bird on the C$1 coin.
Why does USD/CAD track oil prices?
Canada exports more crude oil to the United States than any other country. When WTI rises, US dollars flow into the Canadian energy sector, strengthening the CAD and pushing USD/CAD lower.
When does the Bank of Canada decide rates?
The Bank of Canada announces rate decisions roughly eight times per year, usually at 14:00 UTC. The accompanying Monetary Policy Report drives the largest USD/CAD moves.
When is USD/CAD most active?
USD/CAD is most liquid during the New York session, especially around US oil inventory data on Wednesdays at 14:30 UTC and Canadian jobs data on the first Friday of each month.