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AuthorAuthor: Chris CammackUpdated: September 9, 2022

Last Updated On September 9, 2022

Chris Cammack

USD/CAD Background

The USD/CAD is heavily traded because of its close correlation to oil prices. Canada is one of the largest exporters of crude oil in the world, and the US imports much of Canada’s oil. Many traders use the USD/CAD as a hedge against buying US crude, as the two are negatively correlated to quite a high degree.

Traders should be aware, however, that are other factors at stake in the price movement of the USD/CAD. This includes monetary policy in both the United States and Canada and economic data. Over time these other factors are becoming more of a driver as Canada lessens its dependency on oil exports and OPEC policy becomes more important for driving oil prices.

The best time to trade the USD/CAD is during the North American trading day when crude oil trading is at its highest volume and the trading volume of this pair is highest. As this pair is less commonly traded than some major pairs, spreads can be wide with the industry average sitting at 1.8 pips. 

The table below shows the Forex brokers with the lowest trading costs for USD/CAD, including the spread and commission. It also details the industry average spread and industry average trading cost for 1 lot of USD/CAD.

Best USDCAD Forex Brokers

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Broker
Broker Score
Official Site
Min. Spread
Commission
Cost of Trading (USD)
Ind. Avg. Spread
Ind. Avg. Trading Cost
Max. Leverage (Forex)
International Regulators
Trading Desk
Hedging
Scalping
Compare
Pepperstone
4.61 /5
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89%74- of retail CFD accounts lose money
0.60 pipsUSD 0USD 61.80 pipsUSD 21.7630:1FCA Regulated Forex BrokersASIC Regulated BrokersCySEC Regulated BrokersNDD
IG
4.69 /5
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71% of retail CFD accounts lose money
1.30 pipsUSD 0USD 131.80 pipsUSD 21.7630:1FCA Regulated Forex BrokersASIC Regulated BrokersBundesanstalt für FinanzdienstleistungsaufsichtFinansinspektionenMarket Maker
Markets.com
4.68 /5
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70.3% of retail CFD accounts lose money
2.90 pipsUSD 0USD 291.80 pipsUSD 21.7630:1FCA Regulated Forex BrokersCySEC Regulated BrokersASIC Regulated BrokersFinancial Services Conduct AuthorityBritish Virgin Islands Financial Services CommissionMarket Maker
Tickmill
4.58 /5
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71% of retail CFD accounts lose money
0.20 pipsUSD 4USD 61.80 pipsUSD 21.7630:1CySEC Regulated BrokersFCA Regulated Forex BrokersLabuan Financial Services AuthorityFinancial Services Conduct AuthorityThe Seychelles Financial Services AuthorityDFSA Regulated Forex BrokersSTP
IC Markets
4.56 /5
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70.81% of retail CFD accounts lose money
0.85 pipsUSD 0USD 8.501.80 pipsUSD 21.7630:1CySEC Regulated BrokersASIC Regulated BrokersThe Seychelles Financial Services AuthoritySecurities Commission of the BahamasECN/DMA
AvaTrade
4.59 /5
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76% of retail CFD accounts lose money
2.00 pipsUSD 0USD 201.80 pipsUSD 21.7630:1ASIC Regulated BrokersFinancial Services Conduct AuthorityCySEC Regulated BrokersFinancial Services AgencyCentral Bank of IrelandFinancial Regulatory Services AuthorityMarket Maker
XM
4.45 /5
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75.33% of retail CFD accounts lose money
0 pipsUSD 0USD 00 pipsUSD 030:1CySEC Regulated BrokersASIC Regulated BrokersDFSA Regulated Forex BrokersInternational Financial Services CommissionFinancial Services Conduct AuthorityMarket Maker
Axitrader
4.44 /5
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75.6% of retail CFD accounts lose money
1.60 pipsUSD 0USD 161.80 pipsUSD 21.7630:1FCA Regulated Forex BrokersCySEC Regulated BrokersASIC Regulated BrokersFinancial Markets Authority of New ZealandDFSA Regulated Forex BrokersFinancial Services Authority – St. Vincent & the GrenadinesECN/DMA
FOREX.com
4.62 /5
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68%Hello Chrisof retail CFD accounts lose money
0.93 pipsUSD 0USD 9.301.80 pipsUSD 21.76200:1FCA Regulated Forex BrokersMarket Maker
Eightcap
4.53 /5
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N/A of retail CFD accounts lose money
0.20 pipsUSD 7USD 91.80 pipsUSD 21.7630:1ASIC Regulated BrokersSecurities Commission of the BahamasFCA Regulated Forex BrokersCySEC Regulated BrokersMarket Maker NDD

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