Base Currency: US Dollar
Quote Currency: Canadian Dollar
Group: Major Currency Pair
When taken apart, the USD, the Base currency in the pair, is the symbol or acronym for the American Dollar; it is also referred to as the “Greenback” or the “Buck”. The USD is issued by the Federal Reserve System (FRS).
The USD is classified as one of the world’s major currencies. It is used and supported by central banks, private investors, and financial regulators.
Challenging economic times see the USD as “safe haven” asset as the American economy, despite being caught amid recessions and depressions, is constantly stable.
This currency is also most often used in Commodity Markets.
The Quote Currency in the pair, the CAD stands for the Canadian Dollar; it is also referred to as the “Looney“ or the “Small dollar“. The CAD is named as the seventh currency in the world. The Canada Bank is a major issuer of the CAD.
The value of the CAD is highly dependent on the United States’ economic conditions.
The Canadian Dollar is a Commodity currency. The strength or the weakness of Canada’s financial performance is dependent on the level of supplies, specifically: crude oil, energy, and forest resources.