USD/CAD Exchange rate
Editors’ Picks
EUR/USD clings to gains around 1.1200; focus is on US Midterms
EUR/USD looks to consolidate its daily gains, navigating around the 1.1200 region on Tuesday. The pair’s marginal advance comes on the back of the equally humble gains in the US Dollar, as investors remain cautious ahead of the US Midterm elections, with results expected to start emerging early on Wednesday in Europe.
GBP/USD extends the upside momentum past 1.3400
GBP/USD adds to its ongoing multi-day positive streak, managing to reclaim the area beyond 1.3400 the figure on turnaround Tuesday. Indeed, Cable’s continuation of the uptrend follows the Greenback’s inconclusive price action as the US Midterm elections are under way, while bets for a rate hike by the BoE on Thursday also underpins the upbeat tone.
AUD/USD weakens to two-week lows near 0.6960
AUD/USD clinches its second consecutive daily pullback as market participants continue to assess the RBA’s rate hike earlier in the day. Indeed, the pair slipped back toward the 0.6960 zone, or multi-day troughs, following the less-hawkish-than-expected message from the RBA after it hiked the OCR by 25 bps, as widely anticipated.
Crypto Today: Bitcoin, Ethereum, XRP under pressure as investors pull capital
Bitcoin trades downward at $76,566 on Tuesday, testing six-week lows. Ethereum, like Bitcoin, trades under pressure as it consolidates within a narrow support range. Meanwhile, Ripple hovers marginally above $1.25.
US Dollar Index edges up within range with midterm elections front and centre
The US Dollar Index is picking up from session lows but remains within previous ranges, below 102.00. The Greenback is drawing support from hostilities in Iran and higher Oil prices, but US political uncertainty is capping gains.
Majors
Cryptocurrencies
Signatures
USD/CAD
The USD/CAD represents how many Canadian Dollars (the quote currency) are needed to purchase one US Dollar (the base currency). The nickname “Loonie” originates from the Gold-colored Canadian one-dollar coin introduced in 1987 and produced by the Royal Canadian Mint in Winnipeg.
The coin reverse features a common loon, a bird found throughout Canada, while the obverse displays the portrait of Queen Elizabeth II, the nation's former head of state.
HISTORIC HIGHS AND LOWS FOR USD/CAD
- All-time records: Max: 1.6192 on 18/01/2002 – Min: 0.9059 on 01/11/2017
- Last 5 years: Max: 1.4668 on 19/03/2020 – Min: 1.2007 on 01/06/2021
* Data as of December 2024
INFLUENTIAL CURRENCIES FOR USD/CAD
The Japanese Yen (JPY) and the Euro (EUR). Another important group of influent pairs includes: EUR/USD, GBP/USD, USD/JPY, AUD/USD, USD/CHF and NZD/USD.
MOST INFLUENTIAL ORGANIZATIONS FOR USD/CAD
- The Bank of Canada (BoC) is the nation's central bank. Its principal role, as defined in the Bank of Canada Act, is "to promote the economic and financial welfare of Canada." The BoC sets interest rates and manages monetary policy at eight scheduled meetings a year and ad hoc emergency meetings that are held as required. The BoC’s primary mandate is to maintain price stability, which means keeping inflation at between 1-3%. Its main tool for achieving this is by raising or lowering interest rates. Relatively high interest rates will usually result in a stronger Canadian Dollar (CAD) and vice versa. Other tools used include quantitative easing and tightening.
- The Federal Reserve (Fed) is the central bank of the United States (US) and it has two main targets: to maintain the unemployment rate at its lowest possible levels and to keep inflation around 2%. The Federal Reserve System's structure is composed of the presidentially appointed Board of Governors and the partially appointed Federal Open Market Committee (FOMC). The FOMC organizes eight scheduled meetings in a year to review economic and financial conditions. It also determines the appropriate stance of monetary policy and assesses the risks to its long-run goals of price stability and sustainable economic growth. The FOMC Minutes, which are released by the Board of Governors of the Federal Reserve weeks after the latest meeting, are a guide to the future US interest-rate policy.