President Donald Trump threw a wrench in normal partnerships that many other presidents and global leaders would dare not do, demanding that the U.S., Canada and Mexico renegotiate the North American Free Trade Agreement. That uncertainty cast a shadow over the Canadian Dollar, even as Crude Oil prices have doubled. Will it continue to support USD/CAD?
Get an in-depth view of what is driving forex markets right now.
The Canadian Dollar is one of three “commodity currencies” in the world’s largest economies, thanks to large Oil and Natural Gas deposits in the country. That ties its economy more closely to the boom and bust of the Oil market than many other leading economies.
Watch our video primer for what you need to know to successfully get started trading USD/CAD.
The collapse in Crude Oil prices and uncertainty around NAFTA and the U.S. relationship caused the Canadian Dollar to move in wide swings over the past two years. USD/CAD has traded both above 1.45 and near 1.20 in that time period — a painful 20% range for the closely-linked countries.
Use the interactive chart to the right to check out some of USD/CAD’s most-recent moves.
Learn to engage in and profit from financial markets
OUR BIGGEST PROMO EVER IS COMING
We're celebrating 7 years of funding traders.
BE THE FIRST TO KNOW!