Canadian dollar (CAD)

    By
    Andrey Orlov
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    0
    1222

    The Canadian dollar is the official currency of Canada and is the 7th most traded currency in the world. It is also used as a reserve currency, mainly in Central and South America.

    Currency symbol — C$
    Currency shortcut — CAD

    Trading the Canadian dollar

    Trading currencies like the Canadian dollar is called forex trading. If you are new to it, we recommend starting with our beginner strategy:

    Forex trading beginner strategy
    Because Canada is an oil-exporting country, the Canadian dollar correlates with the price of oil. Currencies that correlate to oil are also called petrocurrencies.

    Learn more about the correlation of commodities and currency markets:

    How correlating markets impact forex trading

    The most traded currency pairs containing the CAD are:

    Canadian dollar and US dollar:USD/CAD
    Canadian dollar and euro:EUR/CAD
    Canadian dollar and Japanese yen:CAD/JPY