USD/CAD: The U.S. Dollar and The Canadian Dollar
The USD/CAD (with the USD as the Base Currency and the CAD as the Quote Currency) is the currency of Canada, which is controlled and administered by the Bank of Canada, which was established in 1934. Nicknamed the ‘Loonie’, the Canadian Dollar ranks 7th in foreign exchange daily turnover.
History of the Canadian Dollar
In April of 1871, the Canadian Parliament replaced all Canadian Province currencies with the Canadian Dollar, passing the Uniform Currency Act.
The Canadian Economy
Ranked as the 14th largest Global economy, Canada has a GDP estimated at $1.90 Trillion, dominated by International trade and the service industry. It’s major export goods are aircraft, chemicals, crude petroleum, natural gas, electricity, fertilizers, industrial machinery, metals, motor vehicles, timber and wood pulp, and telecommunications equipment.
Major import goods are chemicals, crude oil, durable consumer goods, electricity, machinery and motor vehicles.
Factors Affecting the USD/CAD currency pair
Commodity prices, especially natural resources, impact heavily on the Canadian dollar exchange rate. The Canadian and U.S. Economy are heavily inter-related as the US is Canada’s largest trading partner. Therefore, any US Central Bank Federal Reserve policies, and all political events affect the Canadian Dollar.
Main export partners
United States 72.8%
Main import partners
United States 51.2%
South Korea 4.4%
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