The United States Dollar against the Canadian Dollar –Nickname Loonie

USDCAD ANALYSIS

The United States Dollar against the Canadian Dollar –Nickname Loonie

CENTRAL BANK

FED

BoC

FOREIGN CURRENCY RESERVES

41.901 Million USD

62.756 Million USD

 

USDCAD Preface

USDCAD is one of the 7 major Forex currencies and it is considered a very liquid pair. Historically the exchange rate of the Canadian Dollar (CAD) is highly correlated to the Oil price. Canada is exporting daily about 2 million oil barrels to the United States, while 85% of all Canada’s exports are going in the US.

 

USDCAD Monthly Statistics

These are the monthly average returns of USDCAD based on 15 years of daily data.

CALENDAR MONTH

AVERAGE MONTHLY RETURNS

TIMES

(↑)

TIMES

(↓)

AVERAGE DAILY VOLATILITY

JANUARY

0.31%

9

6

0.766%

FEBRUARY

0.17%

6

8

0.688%

MARCH

-0.18%

6

9

0.702%

APRIL

-1.17%

4

11

0.661%

MAY

-0.73%

6

9

0.755%

JUNE

0.02%

5

10

0.763%

JULY

-0.05%

8

7

0.702%

AUGUST

0.09%

6

9

0.719%

SEPTEMBER

-0.36%

6

9

0.726%

OCTOBER

0.67%

9

6

0.866%

NOVEMBER

-0.05%

7

8

0.838%

DECEMBER

-0.02%

8

7

0.735%

 

Best Months to Trade the USDCAD

()-LONG TRADES

According to data during 2000-2014 the best months to go long on USDCAD are:

→ OCTOBER, with positive average returns +0.67%

→ JANUARY, with positive average returns +0.31%

→ FEBRUARY, with positive average returns +0.17%

()-SHORT TRADES

According to 2000-2014 data the best months to go short on USDCAD are:

→ APRIL, with negative average returns -1.17%

→ MAY, with negative average returns -0.73%

→ SEPTEMBER, with negative average returns -0.36%

 

USDCAD Monthly Statistics Chart:

This is the USDCAD Monthly Performance Chart.

Chart: USDCAD Average Returns (%) per Calendar Month

Most Volatile Days of the Week to Trade the USDCAD

These are the most volatile days to trade USDCAD based on the average pip range of each day of the week.

Monday

Tuesday

Wednesday

Thursday

Friday

95 pips

110 pips

105 pips

120 pips

125 pips

Best Intraday Times to Trade the USDCAD:

In general, the best time to trade USDCAD is between 13.00 GMT and 15.00 GMT.

 

Forex Brokers and USDCAD Trading

These are some USDCAD Forex Brokers.

FOREX BROKER

USDCAD SPREADS

USDCAD SWAPS

PLATFORMS

ACCOUNT

INFORMATION

» HOTFOREX

REGULATED BY:

FCA UK, CySEC, MiFID

US TRADERS: NO

USDCAD SPREADS:

2.7 pips Fixed

 

LONG (↑)

$ -0.55

SHORT (↓)

$ -0.25

□ MetaTrader4

□ WebTrader

SCALPING: YES

$50 Minimum Deposit Amount

WELCOME BONUS:

40-100%

 

WEB-SITE:

Visit HotForex

REVIEW:

Review

» XM

REGULATED: FSA UK, CySEC, ASIC, MiFID

US TRADERS: NO

USDCAD SPREADS:

2.2 pips

 

LONG (↑)

$ -0.56

SHORT (↓)

$ -0.21

□ Web Trader

□ MirrorTrader

□ MetaTrader4

SCALPING: YES

$50 minimum deposit

WELCOME BONUS:

40-100%

 

WEB-SITE:

Visit XM

REVIEW:

Review

» FXCC

REGULATED: FCA UK

US TRADERS: NO

USDCAD SPREADS:

1.3 pips

COMMISSIONS:

0.6 pips per lot

LONG (↑)

$ -0.32

SHORT (↓)

$ +0.05

□ MetaTrader4

□ Sirix WebTrader

SCALPING: YES

$100 Minimum Deposit Amount

WELCOME BONUS:

30-100%

 

WEB-SITE:

Visit FXCC

REVIEW:

Review

 

PAIRS: » GBPUSD | » USDJPY | » EURUSD | » EURGBP | » EURJPY | » AUDUSD | » NZDUSD

 

USDCAD ANALYSIS

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