USD/CAD · outlook

USD/CAD: what the data says

A currency pair known as the 'Loonie', closely tied to oil prices given Canada's role as a major energy exporter, as well as Bank of Canada policy. The nickname comes from the loon, a waterbird depicted on the Canadian one-dollar coin. Because Canada exports large volumes of oil to the United States, particularly from Alberta's oil sands, the pair tends to strengthen when crude rises and weaken when it falls.