The USD/CAD rate tracks the price of the US dollar, the base currency, against the Canadian dollar, the counter currency. The pairing is informally known as the 'Loonie' because of the loon bird featured on the Canadian dollar coin. Monetary policy announcements of both the US Federal Reserve and the Bank of Canada will have an influence on this currency pair as well as the respective country's interest rates.
Spot or forward? These two forex markets behave differently, and now you can trade both with us as forex CFDs. Here’s how they work, and what sets them apart.