USD/CAD: US dollar against the Canadian dollar
A practical guide to USD/CAD: how the price is quoted, when it is most active, what drives it and how to size trades on it.
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USD/CAD prices one US dollar in Canadian dollars. The Canadian dollar is nicknamed the loonie after the bird on the one dollar coin. Canada is a major oil exporter and sells most of its exports to the United States, so the pair combines oil prices with the closely linked US and Canadian economies.
How the quote works
A quote of 1.4050 means one US dollar buys 1.4050 Canadian dollars. A rising USD/CAD means a weaker loonie. One pip is 0.0001, worth 10 Canadian dollars on a standard lot. New to quotes? Read how to read a forex quote and the glossary entries for pip and lot.
When it trades
USD/CAD is most active in the New York session. Canadian jobs data are often released at the same time as US payrolls, which can make the first Friday of the month particularly busy, and Bank of Canada decisions are announced at 9:45am Eastern time.
See the live market sessions clock to check which centres are open in your time zone.
What moves USD/CAD
- Oil prices. Higher oil prices tend to support the Canadian dollar, though the link varies over time.
- Bank of Canada policy. Rate decisions and Monetary Policy Reports shape the domestic side.
- US and Canadian data. Jobs, inflation and growth data from both countries.
- Trade policy. Because most Canadian exports go to the US, trade tensions and tariffs can weigh on the loonie.
Key events and central banks
The central banks that matter most for USD/CAD: Bank of Canada, Federal Reserve. Current policy rates, sourced from each bank, are on our central banks page. These scheduled releases often move the market:
See all economic events explained.
Volatility explained
USD/CAD can be relatively steady day to day but reacts to oil shocks and to simultaneous US and Canadian jobs releases. Check current ATR before setting stops.
Forexuro does not publish a fixed "average daily range" for USD/CAD here, because any such number goes out of date quickly and depends on the period chosen. Measure it on your own platform over the window you trade.
Pip value and position size
Use the USD/CAD pip value calculator to see what one pip is worth in your account currency, then the position size calculator to turn your risk and stop into lots. Keeping risk per trade small, often 1% or less, is the main protection against a run of losses; see risk management for traders.
Forexuro USD/CAD signals
Forexuro publishes forex signals with an entry, stop loss and take profit levels. See the forex signals page for how they work on this market. Every closed Forexuro trade is published on the trade history page. Daily market notes, including USD/CAD when it is in focus, go out free on the Forexuro Telegram channel.
USD/CAD in the Forexuro record
No USD/CAD signals closed in the current results window (August 2026 to 23 October 2026). Across all markets in the same window the success rate is 87.7% from 240 closed signals, the figure on the results board.
Success rate is take profit closes divided by take profit plus stop loss closes, for signals closed from August 2026 to 23 October 2026, the same rolling window and method as the results board. Breakeven exits are not counted as losses and are listed separately. Pips are measured to the highest target reached and exclude spread, swap and slippage. Every signal since November 2023 is in the trade history and the CSV record; see how results are scored. Past results do not guarantee future results.
This week's outlook
Read the USD/CAD weekly outlook for the week of 26 October 2026, a sourced analysis of the events and levels in focus, or browse all weekly forecasts.
Practical tips
- Watch oil prices alongside the chart.
- Note that US and Canadian jobs data can land at the same moment.
- Use the USD/CAD pip value calculator; the pip is worth Canadian dollars.
Related reading
- Oil at 110 dollars and the week ahead
- Major pairs guide
- Central bank decisions and forex
- Interest rates and currencies
Other markets: EUR/USD · GBP/USD · USD/JPY · USD/CHF · AUD/USD · NZD/USD · EUR/GBP · XAU/USD
Frequently asked questions
Why does oil affect the Canadian dollar?
Canada is a major oil exporter, so oil prices affect its trade balance and growth.
Why is it called the loonie?
After the loon, the bird shown on Canada's one dollar coin.
When does the Bank of Canada announce rates?
At 9:45am Eastern time on decision days.
What is a pip on USD/CAD?
0.0001, worth 10 Canadian dollars on a standard lot.
Education only, not financial advice. Trading forex, gold and CFDs carries a high risk of losing money, and leverage magnifies both gains and losses. Past performance is not a reliable guide to future results. Read our risk disclosure.