The USD/CAD currency pair expresses the value of one US dollar in Canadian dollars.

Known informally as the loonie, the Canadian dollar is the world's seventh most traded money and a number of central banks keep it as a reserve currency.

Its value in relation to the US dollar, as well as other major currencies, is heavily influenced by oil prices.

This is because Canada has vast oil reserves - second only to Saudi Arabia - and is a major producer of the commodity, with 99 per cent of its crude oil exports sent to the US.

The price of oil therefore acts as a leading indicator for the movement of the USD/CAD pair. When oil prices grow up, USD/CAD falls because the value of the Canadian dollar appreciates.

Product Specifications and Information
Spread 4 pips
10CAD per 0.0001 ($ value fluctuates)
Margin $1,000
Monday 1.00 Am to Saturday 12.30 Am