Canadian Government (headed by Justin Trudeau) and its Department of Finance that implement policies that affect the economy of the country.Bank of Canada (BoC, Canada’s Central bank) that promotes a safe and sound financial system within tyhe country, issuing statements and deciding on the interest rates of the country.In Canada, the organizations and people that affect the most the moves of the USD/CAD pair are: ORGANIZATIONS, PEOPLE AND ECONOMIC DATA THAT INFLUENCE USD/CAD Indices: S&P/TSX Capped Composite Index (the headline index for the Canadian equity market), S&P/TSX Global Gold Index (index of global gold securities) and S&P/TSX Capped Energy Index (benchmarks for related derivative products of Canadian economic sectors).Bonds: CSB (Canada Savings Bonds), CPB (Canada Premium Bond).This group also includes: EUR/USD, GBP/USD, USD/JPY, AUD/USD, USD/CHF, NZD/USD, GBP/JPY and EUR/JPY Commodities: oil but also gold and natural gas are to be taken into account.The Canadian economy is expected to run into headwinds through the second half of 2024, coinciding with a global growth slowdown that could hamper Crude Oil prices next year as fossil fuels demand flounders in low-growth or recessionary environments.

Despite musings in recent years about a shakeout in the Loonie-Crude connection, 2023 saw USD/CAD and West Texas Intermediate (WTI) US Crude Oil moving around the charts in lockstep.

The USD/CAD will see diverging central bank policy as a key driver through 2024, and the correlation between the Canadian Dollar and Crude Oil is likely to hold firm through the upcoming trading year. The leading export market for Canada is by far the United States making its currency particularly sensitive to US consumption data and economical health. The USD/CAD is one of the three so-called “ commodity pairs”, together with AUD/USD, NZD/USD, highly correlated to commodity (especially oil) fluctuations.Ĭanada is commonly known as a resource-based economy being a large producer and supplier of oil. This currency pair is known as the 'Loonie', a nickname derived from the picture of a loon, a distinctive bird which appears on one side of Canada's gold-coloured, one Dollar coin. The USD/CAD tells the trader how many Canadian dollars (the quote currency) are needed to purchase one U.S.

Usd to cad exchange rate