USDCAD Technical Overview
USD/CAD is the most heavily traded currency pairing on the forex involving the Canadian dollar. Read on to find out why forex traders around the world trade this major currency pair.
Technical Overview
The currency pairing USD/CAD is one of the most traded pairs in the foreign exchange market, representing a significant quota of daily trade. It’s a pair which is popular amongst veteran traders and newcomers alike.
This currency pair is popular due to various factors, the main of which are the high levels of liquidity in terms of trading volumes and number of players, and sensitivity to big long-term trends, means that the market constantly changes, develops different patterns, and so on.
Trading a major currency pair such as USD/CAD is especially appealing for technical traders who use trends and patterns on the chart as their signals, and can therefore benefit from the dynamic and ever changing environment of the Loonie.
Fundamental Overview
As with all currencies, economic and political events, the import and export trade in the country, and occasional crises can play a part in affecting the fluctuations in the exchange rate. News and data about the economy of the US and Canadian politics are constantly available and should be followed to keep up to date with factors which can influence the markets.
Financial institutions, such as the US Federal Reserve Bank and the Bank of Canada release regular reports which traders pay attention to as well as the NonFarm Payroll numbers when trying to determine future movements.
On top of that, Canada is a large exporter of materials and commodities, such as wood, grain, minerals, petroleum etc. which helps the currency maintain a strong hold in the foreign exchange market.
Technical Forecast for USD/CAD
Technical USD/CAD forecast focuses on the technical analysis and key levels depending on the selected time-frame. Shift between time-frames to learn the technical analysis for USD/CAD in real time.
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