Don’t waste your time – keep track of how NFP affects the US dollar!

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CAD

CAD

CAD – is an abbreviation that stands for a Canadian dollar (C$), the official national currency. In the FX markets, they call it ‘loonie’ because the one-dollar coin depicts a loon.

Since Canada is a part of the G7 and its economically is stable, their currency is also somewhat reliable and foreign banks often use as a reserve. The CAD position depends significantly on the oil price as well as the USA events because the latter is the biggest trading partner for Canada.

The traditional and the most tradeable currency pair involving the Canadian currency is USD/CAD.

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