CAD – is an abbreviation that stands for a Canadian dollar (C$), the official national currency. In the FX markets, they call it ‘loonie’ because the one-dollar coin depicts a loon.
Since Canada is part of G7 and economically stable, their currency is also somewhat reliable and foreign banks often use as a reserve. The CAD position depends significantly on the oil price as well as the USA events because the latter is the biggest trading partner for Canada.
The traditional and the most tradeable currency pair involving the Canadian currency is USD/CAD.
2020-07-23 • Updated