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AuthorAuthor: Chris CammackUpdated: March 9, 2022

Last Updated On March 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
Read Review
Visit Site >
89%74- of retail CFD accounts lose money
0.60 pips
USD 0
USD 6
1.80 pips
USD 21.76
200:1
FCA Regulated Forex Brokers
ASIC Brokers
CySEC Regulated Brokers
DFSA Regulated Forex Brokers
Bundesanstalt für Finanzdienstleistungsaufsicht
Securities Commission of the Bahamas
Capital Markets Authority
NDD
IG
4.69 /5
Read Review
Visit Site >
71% of retail CFD accounts lose money
1.30 pips
USD 0
USD 13
1.80 pips
USD 21.76
200:1
FCA Regulated Forex Brokers
ASIC Brokers
Financial Services Conduct Authority
Bundesanstalt für Finanzdienstleistungsaufsicht
Financial Markets Authority of New Zealand
DFSA Regulated Forex Brokers
Financial Services Agency
Commodity Futures Trading Association
Market Maker
Markets.com
4.68 /5
Read Review
Visit Site >
70.3% of retail CFD accounts lose money
2.90 pips
USD 0
USD 29
1.80 pips
USD 21.76
300:1
FCA Regulated Forex Brokers
CySEC Regulated Brokers
ASIC Brokers
Financial Services Conduct Authority
British Virgin Islands Financial Services Commission
Market Maker
Tickmill
4.58 /5
Read Review
Visit Site >
71% of retail CFD accounts lose money
0.20 pips
USD 4
USD 6
1.80 pips
USD 21.76
500:1
CySEC Regulated Brokers
FCA Regulated Forex Brokers
Labuan Financial Services Authority
Financial Services Conduct Authority
The Seychelles Financial Services Authority
DFSA Regulated Forex Brokers
STP
IC Markets
4.56 /5
Read Review
Visit Site >
70.81% of retail CFD accounts lose money
0.85 pips
USD 0
USD 8.50
1.80 pips
USD 21.76
500:1
CySEC Regulated Brokers
ASIC Brokers
The Seychelles Financial Services Authority
Securities Commission of the Bahamas
ECN/DMA
AvaTrade
4.59 /5
Read Review
Visit Site >
76% of retail CFD accounts lose money
2.00 pips
USD 0
USD 20
1.80 pips
USD 21.76
400:1
ASIC Brokers
Financial Services Conduct Authority
CySEC Regulated Brokers
Financial Services Agency
Central Bank of Ireland
Financial Regulatory Services Authority
Israel Securities Authority
Market Maker
XM
4.45 /5
Read Review
Visit Site >
75.33% of retail CFD accounts lose money
0 pips
USD 0
USD 0
0 pips
USD 0
1000:1
CySEC Regulated Brokers
ASIC Brokers
DFSA Regulated Forex Brokers
International Financial Services Commission
Financial Services Conduct Authority
Market Maker
Axitrader
4.44 /5
Read Review
Visit Site >
75.6% of retail CFD accounts lose money
1.60 pips
USD 0
USD 16
1.80 pips
USD 21.76
500:1
FCA Regulated Forex Brokers
CySEC Regulated Brokers
ASIC Brokers
Financial Markets Authority of New Zealand
DFSA Regulated Forex Brokers
Financial Services Authority – St. Vincent & the Grenadines
ECN/DMA
Forex.com
4.62 /5
Read Review
Visit Site >
69%Hello Chrisof retail CFD accounts lose money
0.93 pips
USD 0
USD 9.30
1.80 pips
USD 21.76
200:1
FCA Regulated Forex Brokers
ASIC Brokers
Monetary Authority of Singapore
CySEC Regulated Brokers
Cayman Islands Monetary Authority
Market Maker
Eightcap
4.53 /5
Read Review
Visit Site >
N/A of retail CFD accounts lose money
0.20 pips
USD 7
USD 9
1.80 pips
USD 21.76
500:1
ASIC Brokers
Securities Commission of the Bahamas
FCA Regulated Forex Brokers
CySEC Regulated Brokers
Market Maker NDD

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