CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 75% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
USD/CAD is a currency pair that represents the exchange rate between the US dollar and the Canadian dollar. This currency pair is popular among forex traders due to the close economic relationship between the US and Canada, which affects various sectors such as tourism, business, and lifestyle trends. Any changes in economic policies, political events, or natural disasters in these countries can significantly impact the USD/CAD exchange rate.
USD/CAD is also influenced by commodity prices, particularly oil. Canada is a major oil producer and exporter, and as such, any fluctuations in oil prices can affect the Canadian economy and the value of the Canadian dollar. Therefore, the USD/CAD exchange rate is often used as a proxy for oil prices in the forex market.
In terms of technical analysis, forex traders use various tools and indicators to make trading decisions. For example, the 20-day and 50-day simple moving averages can help traders identify trends in the USD/CAD exchange rate. However, it's important to note that past performance is not a guarantee of future results, and technical analysis should be used in conjunction with other forms of analysis, such as fundamental analysis.
CFDs are a popular way to invest in the USD/CAD pair, as they offer the ability to take a position on the pair's price movements without having to actually own the underlying currency. CFDs allow investors to go long or short on the pair, depending on their market outlook, and can be used to trade both short-term and long-term market trends.
XTB offers CFD trading for the USD/CAD forex pair with near real-time movement tracking via our xStation trading platform.
Investing in the forex market, including USD/CAD CFDs, can be risky and requires a thorough understanding of the market, including economic policies, political events, and global trends. It's essential to have a well-thought-out trading plan, risk management strategy, and a thorough understanding of the potential risks and rewards before investing in the forex market. Additionally, when investing in foreign securities, it's important to understand how they are priced, as the prices on statements may not match the bid or ask prices at which they were bought or sold.
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Complete the form and send relevant documents - all without unnecessary formalities. The opening of an account depends on an appropriateness assessment, verified by a test.
Choose a deposit method convenient for you from a range of available ones, including instant and free payments
USD/CAD forex pair is a currency pair that shows the exchange rate between the US dollar and the Canadian dollar. It demonstrates how much CAD is needed to purchase one USD.
The USD/CAD pair is also known as "Loonie" because of the image of a common loon bird engraved on the Canadian one-dollar coin, which is used to represent the Canadian dollar.
The USD/CAD exchange rate is influenced by multiple factors such as economic data, interest rates, market sentiment, commodity prices, and political events.
The USD/CAD pair is traded continuously, except for weekends and holidays.
USD/CAD forex pair has shown a volatile performance over the years, with significant movements affected by various events, including oil price shocks, trade disputes, and economic downturns.
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