Forex

USD/CAD: US Dollar / Canadian Dollar

The US dollar priced in Canadian dollars, sometimes called the “loonie”. Canada’s position as an energy exporter links the pair to oil prices.

Open an account Chart

What happens next

Choose live or demo, and say where you live. On this website. No name and no e-mail address is asked for here, and nothing is stored.
Register in the client portal. Your name, e-mail address, a password and your country; acceptance of the Terms and the Risk Disclosure. Then you confirm your e-mail address.
Demo: choose your virtual funds and open the terminal. Live: upload your identity documents; an account is opened once they are approved. Live trading is not yet connected.

Market DNA

Below, USD/CAD is taken apart: its class, its contract, its hours and what is connected to it. Structure, not a signal.

Market DNA

What USD/CAD is made of.

Its class, its contract, the hours it lives in and the institutions, releases and ideas connected to it.

This is structure. It is not a score and it is not a signal: it tells you what the instrument is, not what it will do.

BaseUSDUS DollarQuoteCADCanadian Dollar

The price of USD/CAD is the amount of CAD (Canadian Dollar) needed for 1 USD.

Asset class: Forex
Contract: 1 standard lot = 100,000 USD
Platform symbol: USDCAD
Typical sessions: Home session: New York.Continuous, 24 hours a day, five days a week. Liquidity varies by session.See the sessions on the World Market Clock
Central banks: Federal Reserve Bank of Canada
Linked markets: Energy

Reference data

Where USD/CAD has fixed.

Last reference fixing

1.4226

CAD per 1 USD · 9 Oct 2026

1 fixing: down −0.25%
5 fixings: down −0.09%
21 fixings: up +2.97%
63 fixings: up +0.81%

Position in the 63-fixing range

Low 1.3740, last 1.4226, High 1.4262

The last 63 fixings

Moved together, moved apart

Correlation of daily log returns between USD/CAD and the other pairs on this site over the same 63 fixings. +1.00 means the daily changes lined up perfectly, −1.00 that they mirrored each other, 0 that they were unrelated.

A descriptive statistic of reference fixings over one window. Correlations change, and they say nothing about what comes next.

Highest correlation

Daily changes most often in the same direction.

Lowest correlation

Daily changes least aligned, or opposed when negative.

Reference dataSource: European Central Bank reference ratesUpdated 9 Oct 2026Once per working day, around 16:00 CET. Not live, not tradable and not a GIO4X price. Changes compare the last fixing with the fixing 1, 5, 21 and 63 publications earlier.

Trading conditions

As published by GIO4X.

Spread from: 0.5 pipsminimum, widens with market conditions; each account type also has its own minimum (Classic 2.5 pips, Premium 1.5 pips, ECN 0.2 pips), and the wider of the two applies
Leverage: 1:400depends on instrument and jurisdiction
Minimum lot: 0.01
Contract: 1 standard lot = 100,000 USD
Platform symbol: USDCAD

IndicativeSource: GIO4XIndicative trading conditions published by GIO4X. Not a live quote; actual spreads and requirements vary with market conditions and account type.

All trading conditions

On the 777 Raptor demo

Demo symbol USDCAD. How the demo terminal is set up, not GIO4X’s specification for live trading, which is not yet published.

Contract size, 1.00 lot: 100,000 USD; Sizes from 0.01 to 100 lots, in steps of 0.01.
Pip value per 1.00 lot, in CAD: 10 CAD; one pip (0.0001) × 100,000
Pip value per 1.00 lot, in US dollars: not available: reading the simulated price; at the simulated USDCAD rate, which is not a market rate
Margin per 1.00 lot at 1:100: not available: reading the simulated price; contract size × price ÷ leverage
Margin per 1.00 lot at 1:500: not available: reading the simulated price; 1:500 is the “up to” figure the account types publish: a ceiling, not what an instrument or a client is given

Contract data read from the demo terminal. Demo prices are simulated by GIO4X’s own engine; they are not market prices. Swap rates are not published.

Third-party chart

USD/CAD on a daily chart

The chart is supplied by TradingView and stays unloaded until you ask for it. Loading it connects your browser to TradingView’s servers.

Third partyChart by TradingViewThird-party data for US Dollar / Canadian Dollar, not supplied or verified by GIO4X and not a GIO4X price. Symbol FX:USDCAD, UTC.

Before you trade it

Work the numbers. Know the words.

Tools

All tools

Glossary

Full glossary

In depth

What is particular to US Dollar / Canadian Dollar.

USD/CAD is a pair between two neighbours whose economies are bound together more tightly than any other two in the major pairs: most of Canada’s exports go to the United States. What sets the Canadian dollar apart from its neighbour’s is energy, since Canada is a large exporter of crude oil. The pair is therefore partly a measure of the two economies’ differences and partly a measure of the oil price.

General education about the underlying market. It states no current price or rate, makes no forecast and is not advice. What GIO4X offers on this instrument is in the trading conditions on this page, not here.

What moves it

Crude oil: A higher oil price raises Canada’s export income and has tended to strengthen the Canadian dollar, which means a lower USD/CAD. The crude Canada sells is mostly heavy oil from the west, which trades at a discount to the West Texas Intermediate benchmark, and that discount widens when pipelines are full. The link has been looser at times, notably since the United States became a very large oil producer itself.
The Bank of Canada against the Federal Reserve: Because the two economies move so closely together, the two central banks often move in the same direction, and the pair responds to which of them moves first or further. Canadian households carry high mortgage debt that resets more quickly than American mortgages do, so the same rate rise bites sooner in Canada. That difference has more than once led the Bank of Canada to stop before the Federal Reserve.
The United States economy, on both sides: Strong American growth is good for the dollar and also good for Canadian exporters. The two effects pull USD/CAD in opposite directions, which is one reason the pair often moves less than other dollar pairs on United States data. Trade policy between the two countries, governed since 1 July 2020 by the agreement that replaced the North American Free Trade Agreement, acts on the Canadian side alone.
Risk appetite: The Canadian dollar behaves as a growth-sensitive currency, falling against the US dollar when share markets fall and commodity prices with them. It is usually a milder version of the Australian dollar in this respect, because its largest customer is the United States and not China.
A long floating history: Canada let its dollar float from 1950 to 1962, when most of the world’s currencies were fixed, and has floated it again since 1970. In late 2007, during a long rise in commodity prices, one Canadian dollar became worth one US dollar for the first time in about three decades. The Bank of Canada has described the floating rate as a shock absorber for an economy that exports raw materials.

Mechanics

How it is quoted and built.

Base, quote and direction: The US dollar is the base currency: the price is the number of Canadian dollars one US dollar costs. A rising chart means a weaker Canadian dollar, so a rising oil price usually shows as a falling USD/CAD. A pip is 0.0001, and on 100,000 US dollars one pip is worth 10 Canadian dollars.
One-day settlement: Spot transactions in most currency pairs settle two business days after the trade. USD/CAD settles after one, a convention that reflects the two countries sharing time zones and banking hours. It matters for how the overnight financing of a position is counted, not for the price on the screen.
The busiest hours: This is the most North American of the major pairs: business is concentrated in the New York and Toronto day and is thin in Asian hours. Canada’s Labour Force Survey is frequently released at the same moment as the United States employment report. When both arrive together the pair can jump in one direction and then the other within seconds.
The “loonie”: The nickname comes from the loon, the bird on the one-dollar coin introduced in 1987. Dealers use it for the currency and for the pair alike.

Timetable and sources

What is scheduled, and where the facts come from.

Worth knowing the timetable of

The Bank of Canada Governing Council’s Interest Rate Decision and its quarterly Monetary Policy Report
Statistics Canada’s monthly Labour Force Survey and Consumer Price Index
The monthly United States employment report, with Non-Farm Payrolls
The United States Energy Information Administration’s Weekly Petroleum Status Report
Ministerial meetings of the oil-exporting countries’ group on production levels
The Bank of Canada’s quarterly Business Outlook Survey

Named, never dated: dates move. The Economic Events page explains the main releases.

Primary sources

Bank of Canada: rate announcements, Monetary Policy Report, Summary of Governing Council deliberations and Business Outlook Survey
Statistics Canada: Labour Force Survey; Consumer Price Index; Canadian international merchandise trade
United States Energy Information Administration: Weekly Petroleum Status Report
Federal Reserve: Federal Open Market Committee statements and minutes
Bank for International Settlements: Triennial Central Bank Survey

Named by publisher and series, so each can be found from the publisher itself. GIO4X has no connection with them.

What would a trade in it cost?

The cost of a trade is the spread, any commission, and financing for each night it is held. The Cost Lab works the three out for a day trade, an overnight position and a longer hold, from figures you enter. A complete total also needs the swap rates, which are not yet published; the Lab shows which input is missing instead of a total that only looks complete.

Work it out in the Cost Lab

The risk, in ordinary type.

Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose.

USD/CAD is traded on margin. Educational information, not investment advice or a recommendation to trade.

Risk disclosure

Continue

Fetching the page

USD/CADUS Dollar / Canadian Dollar

The US dollar priced in Canadian dollars, sometimes called the “loonie”. Canada’s position as an energy exporter links the pair to oil prices.

Open an account Chart

What happens next

Choose live or demo, and say where you live. On this website. No name and no e-mail address is asked for here, and nothing is stored.
Register in the client portal. Your name, e-mail address, a password and your country; acceptance of the Terms and the Risk Disclosure. Then you confirm your e-mail address.
Demo: choose your virtual funds and open the terminal. Live: upload your identity documents; an account is opened once they are approved. Live trading is not yet connected.

Where USD/CAD has fixed.

Last reference fixing

1.4226

CAD per 1 USD · 9 Oct 2026

1 fixing: down −0.25%
5 fixings: down −0.09%
21 fixings: up +2.97%
63 fixings: up +0.81%

Position in the 63-fixing range

Low 1.3740, last 1.4226, High 1.4262

The last 63 fixings

Moved together, moved apart

A descriptive statistic of reference fixings over one window. Correlations change, and they say nothing about what comes next.

Highest correlation

Daily changes most often in the same direction.

Lowest correlation

Daily changes least aligned, or opposed when negative.

As published by GIO4X.

Spread from

0.5 pipsminimum, widens with market conditions; each account type also has its own minimum (Classic 2.5 pips, Premium 1.5 pips, ECN 0.2 pips), and the wider of the two applies

Leverage

1:400depends on instrument and jurisdiction

Minimum lot

0.01

Contract

1 standard lot = 100,000 USD

Platform symbol

USDCAD

IndicativeSource: GIO4XIndicative trading conditions published by GIO4X. Not a live quote; actual spreads and requirements vary with market conditions and account type.

All trading conditions

On the 777 Raptor demo

Demo symbol USDCAD. How the demo terminal is set up, not GIO4X’s specification for live trading, which is not yet published.

Contract size, 1.00 lot: 100,000 USD; Sizes from 0.01 to 100 lots, in steps of 0.01.
Pip value per 1.00 lot, in CAD: 10 CAD; one pip (0.0001) × 100,000
Pip value per 1.00 lot, in US dollars: not available: reading the simulated price; at the simulated USDCAD rate, which is not a market rate
Margin per 1.00 lot at 1:100: not available: reading the simulated price; contract size × price ÷ leverage
Margin per 1.00 lot at 1:500: not available: reading the simulated price; 1:500 is the “up to” figure the account types publish: a ceiling, not what an instrument or a client is given

Contract data read from the demo terminal. Demo prices are simulated by GIO4X’s own engine; they are not market prices. Swap rates are not published.

What is particular to US Dollar / Canadian Dollar.

What moves it

Crude oil: A higher oil price raises Canada’s export income and has tended to strengthen the Canadian dollar, which means a lower USD/CAD. The crude Canada sells is mostly heavy oil from the west, which trades at a discount to the West Texas Intermediate benchmark, and that discount widens when pipelines are full. The link has been looser at times, notably since the United States became a very large oil producer itself.
The Bank of Canada against the Federal Reserve: Because the two economies move so closely together, the two central banks often move in the same direction, and the pair responds to which of them moves first or further. Canadian households carry high mortgage debt that resets more quickly than American mortgages do, so the same rate rise bites sooner in Canada. That difference has more than once led the Bank of Canada to stop before the Federal Reserve.
The United States economy, on both sides: Strong American growth is good for the dollar and also good for Canadian exporters. The two effects pull USD/CAD in opposite directions, which is one reason the pair often moves less than other dollar pairs on United States data. Trade policy between the two countries, governed since 1 July 2020 by the agreement that replaced the North American Free Trade Agreement, acts on the Canadian side alone.
Risk appetite: The Canadian dollar behaves as a growth-sensitive currency, falling against the US dollar when share markets fall and commodity prices with them. It is usually a milder version of the Australian dollar in this respect, because its largest customer is the United States and not China.
A long floating history: Canada let its dollar float from 1950 to 1962, when most of the world’s currencies were fixed, and has floated it again since 1970. In late 2007, during a long rise in commodity prices, one Canadian dollar became worth one US dollar for the first time in about three decades. The Bank of Canada has described the floating rate as a shock absorber for an economy that exports raw materials.

How it is quoted and built.

Base, quote and direction: The US dollar is the base currency: the price is the number of Canadian dollars one US dollar costs. A rising chart means a weaker Canadian dollar, so a rising oil price usually shows as a falling USD/CAD. A pip is 0.0001, and on 100,000 US dollars one pip is worth 10 Canadian dollars.
One-day settlement: Spot transactions in most currency pairs settle two business days after the trade. USD/CAD settles after one, a convention that reflects the two countries sharing time zones and banking hours. It matters for how the overnight financing of a position is counted, not for the price on the screen.
The busiest hours: This is the most North American of the major pairs: business is concentrated in the New York and Toronto day and is thin in Asian hours. Canada’s Labour Force Survey is frequently released at the same moment as the United States employment report. When both arrive together the pair can jump in one direction and then the other within seconds.
The “loonie”: The nickname comes from the loon, the bird on the one-dollar coin introduced in 1987. Dealers use it for the currency and for the pair alike.

What is scheduled, and where the facts come from.

Worth knowing the timetable of

The Bank of Canada Governing Council’s Interest Rate Decision and its quarterly Monetary Policy Report
Statistics Canada’s monthly Labour Force Survey and Consumer Price Index
The monthly United States employment report, with Non-Farm Payrolls
The United States Energy Information Administration’s Weekly Petroleum Status Report
Ministerial meetings of the oil-exporting countries’ group on production levels
The Bank of Canada’s quarterly Business Outlook Survey

Named, never dated: dates move. The Economic Events page explains the main releases.

Primary sources

Bank of Canada: rate announcements, Monetary Policy Report, Summary of Governing Council deliberations and Business Outlook Survey
Statistics Canada: Labour Force Survey; Consumer Price Index; Canadian international merchandise trade
United States Energy Information Administration: Weekly Petroleum Status Report
Federal Reserve: Federal Open Market Committee statements and minutes
Bank for International Settlements: Triennial Central Bank Survey

Named by publisher and series, so each can be found from the publisher itself. GIO4X has no connection with them.

What would a trade in it cost?

Work it out in the Cost Lab

The risk, in ordinary type.

USD/CAD is traded on margin. Educational information, not investment advice or a recommendation to trade.

Risk disclosure