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CAD pair

USD/CAD — “The Loonie”

USD/CAD shows how many Canadian dollars one U.S. dollar buys. It is the most traded Canadian dollar pair by far and one of the most liquid currency pairs in the world, reflecting the enormous trade relationship between the two countries. When USD/CAD rises, the loonie is weakening; when it falls, the loonie is strengthening.

Reference rate

1.4188

Bank of Canada-derived · 2026-09-29

Pip value (10,000 units)

C$1.00

Pip size 0.0001

Most active (ET)

8:30 a.m.–noon ET, when Canadian and U.S. data releases and the New York/London overlap coincide.

USD/CAD — last 120 Bank of Canada observations

2026-09-29 → 2026-04-09 · -2.59%

Latest
1.3821
High
1.4234
Low
1.3576

What moves USD/CAD

  • The gap between Bank of Canada and U.S. Federal Reserve policy rates — and expectations for where each is heading
  • Crude oil prices (Canada is a major oil exporter, so higher oil often supports the loonie)
  • Canada–U.S. trade policy and tariffs, which directly affect Canadian export demand
  • Monthly jobs reports: Canada's Labour Force Survey and the U.S. non-farm payrolls often land on the same Friday morning
  • CPI inflation releases in both countries, and global risk sentiment (the U.S. dollar tends to gain in risk-off periods)

The Canadian angle

For Canadians, USD/CAD isn't just a trade — it's the rate you pay on cross-border shopping, U.S. stock purchases and snowbird budgets. If you only need to convert money, read our guide to converting CAD to USD cheaply before paying a 2–2.5% bank spread.

Related: what moves the loonie · pip calculator · market hours

Registered brokers to trade USD/CAD

  1. #1

    Interactive Brokers Canada

    CIRO-registered

    Best for: Experienced, cost-sensitive traders who want forex, futures, options and global stocks in one account

    Platforms
    TradingView
    FX pairs
    100+
    Min. deposit
    $0
    CIPF
    Yes
    9.5/ 10
    Visit siteFull review
  2. #2

    Questrade

    CIRO-registered

    Best for: Canadians who want TFSA/RRSP investing and forex/CFD trading with one Canadian firm

    Platforms
    Proprietary
    FX pairs
    100+
    Min. deposit
    $0
    CIPF
    Yes
    9.4/ 10
    Visit siteFull review
  3. #3

    CMC Markets Canada

    CIRO-registered

    Best for: Traders who want the widest CFD and currency-pair range from a Canadian dealer

    Platforms
    MT4, TradingView
    FX pairs
    150+
    Min. deposit
    $0
    CIPF
    Yes

    ⚠ Alberta residents generally must qualify as accredited investors to trade CFDs.

    8.9/ 10
    Visit siteFull review

Questions

What is one pip worth on USD/CAD in Canadian dollars?

A pip on USD/CAD is 0.0001. On 10,000 units that's 1 CAD.

When is USD/CAD most active?

8:30 a.m.–noon ET, when Canadian and U.S. data releases and the New York/London overlap coincide.

Where can Canadians trade USD/CAD?

Through CIRO-registered dealers that offer forex, such as Interactive Brokers Canada, Questrade, CMC Markets Canada. Leverage on this pair is capped by CIRO margin rates.

Rates are Bank of Canada daily averages (cross rates derived via CAD) for information only — not trading prices or advice. Source: Bank of Canada.