USD/CAD price today

The US dollar to Canadian dollar rate (USD/CAD) shows how many Canadian dollars one US dollar is worth. This currency pair reflects the relationship between two neighbors with one of the largest bilateral trade volumes in the world, and because Canada's economy depends on oil, it is known as one of the "commodity currencies". On this page you can see the live USD/CAD rate, its candlestick chart and technical events, and further down you will learn about the link between the Canadian dollar and oil, the key data releases, trading hours in Tehran time and the pip value.

What is the USD/CAD pair and why is it called the "Loonie"?

In USD/CAD, the US dollar is the base currency and the Canadian dollar is the quote currency. A rate of 1.3500 means one US dollar equals 1.35 Canadian dollars. A rising rate means the US dollar has strengthened, and a falling rate means the Canadian dollar has strengthened; so unlike EUR/USD, here the currency of interest is on the second side, and the chart direction is read in reverse for the strength of the Canadian dollar.

The Canadian dollar is called the "Loonie" because the Canadian one-dollar coin bears the image of a bird called the "loon" (the common loon). The same nickname is also given to the USD/CAD pair itself. The Toman rate of the Canadian dollar in the Iranian market, which matters to many families because of education and immigration, can be found on the Canadian dollar price page; this rate is set by the domestic open market and differs from the global USD/CAD.

The Canadian dollar and oil

Canada is one of the world's largest oil producers, and most of its oil exports go to the US. When oil prices rise, Canada's foreign currency income and demand for the Canadian dollar increase, and USD/CAD usually falls; when oil gets cheaper, pressure on the Loonie grows. That is why many USD/CAD traders open the chart of US crude oil (WTI) alongside the chart of this pair.

This relationship is not a fixed rule. In some periods, interest rate differentials or the general strength of the US dollar weaken the effect of oil, and the correlation becomes temporarily weak or even reversed. The weekly US oil inventories report (EIA), usually released on Wednesdays, and OPEC+ decisions also affect the Loonie through oil.

Other factors affecting USD/CAD

1. The Bank of Canada and the Federal Reserve

The Bank of Canada (BoC) announces its interest rate decision on eight pre-scheduled dates each year. Because the two economies are highly interdependent, this bank's policies are usually compared closely with the Federal Reserve's, and whenever their paths diverge, USD/CAD reacts. See the current rates on global interest rates .

2. Employment and inflation data

Canada's Labour Force Survey is often released on the same day and at the same time as the US NFP report; that is, two major data points for both sides of the pair are announced at the same moment, and sharp moves occur. Canada's CPI inflation, monthly GDP and retail sales also matter. See the release schedule in the Teagle economic calendar .

3. Trade with the US

A large share of Canada's exports goes to the US. Any news about tariffs, North American trade agreements or a US recession directly affects the Canadian dollar.

Best time to trade USD/CAD

Economic data from both countries is usually released at 8:30 a.m. New York time; that is, around 16:00 Tehran time when US daylight saving time is in effect and 17:00 in winter. That is why USD/CAD is relatively quiet in the Asian session and even early in the London session, and comes alive in the New York session and its overlap with London.

Check the exact hours in Iran time on global market hours .

Pip value in USD/CAD

One pip in USD/CAD equals 0.0001, and since the quote currency is the Canadian dollar, the pip value is 10 Canadian dollars for one standard lot, 1 Canadian dollar for 0.1 lot and 0.1 Canadian dollar for 0.01 lot. To convert to US dollars, divide this figure by the USD/CAD rate; so the dollar value of each pip in this pair is less than 10 dollars. The "Pip value" tool on this page and the trading calculator do this using the live rate.

USD/CAD in technical analysis

Over long periods, USD/CAD usually moves within relatively well-defined ranges, because the two economies are tied together and major shocks occur less often than in other pairs. However, fast breakouts are seen after oil news or simultaneous employment data. See the summary of indicator signals in the "Technical events" section of this page, and check the oil chart as well for confirmation.

Another practical tip: since the two countries are roughly in the same time zone but their public holidays are not exactly the same, on days when only one of the two markets is closed, USD/CAD trading volume drops and the spread may widen.

USD/CAD correlation with other instruments

• Crude oil: Usually negative correlation; oil up, USD/CAD down.
• Australian dollar to US dollar (AUD/USD): Both are commodity currencies; since CAD is on the second side of the pair, USD/CAD often moves opposite to AUD/USD.
• Major currencies against the dollar: When the US dollar strengthens globally, USD/CAD usually rises too, though less sharply than the European pairs.

Risk management tips for trading the Canadian dollar

• Simultaneous employment days: Fridays when NFP and Canadian employment data are released together are among the riskiest moments for this pair.
• Don't ignore oil: A sudden OPEC+ decision or a geopolitical event in the Middle East can move the Loonie without any economic data.
• Broker and spread: The USD/CAD spread is usually slightly higher than EUR/USD; compare brokers' conditions in forex broker reviews .

See other currency pairs in the list of forex market symbols . The information on this page is for informational purposes only and is not a recommendation to buy or sell; the displayed rate comes from market data sources and may differ slightly from your broker's price. Trading with leverage carries high risk, and you may lose part or all of your capital.