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USD/CAD

The EUR/USD is the most commonly traded pair in the Forex market. Its popularity can be contributed to the fact that each currency represents the world’s two largest economic and trading blocs, as well as many multinational corporations that conduct business in both the United States and Europe.
Price movements of this currency pair are generally related to factors that influence the value of either the EUR or the USD. As the world’s most liquid currency pair, the EUR/USD offers tight spreads and constant liquidity for traders who are looking to instantly buy or sell. The combination of stability and volatility makes the EUR/USD an excellent pair for beginner and advanced traders.

FACTS

  • The EUR/USD is the most traded currency pair in the world, with the highest trading volume.

  • The euro is the world’s second most popular currency, following the dollar.

  • There are over 17 countries which consider the euro their official currency and approximately 4 which use the euro on an unofficial basis. These countries are collectively known as the “Eurozone” or the “European and Economic Monetary Union (EMU)”.

USD/CAD Trading Features

  • Since there is a direct correlation between the USD/CAD pair and Oil prices, following one of these can help you identify potential trades in the other.

  • Canada is a meaningful producer of petroleum, minerals, wood products and grains, and the trade flow from those exports (which account for nearly 60% of the country’s total exports) can influence investor sentiment regarding this pair.

  • Given the relatively healthy economic status of Canada, its currency is seen as something of a global safe haven, attracting investors who are looking to invest in a somewhat stable currency.

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