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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
IG
4.69 /5
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70% of retail CFD accounts lose money
1.30 pipsUSD 0USD 131.80 pipsUSD 21.76200:1FCA Regulated BrokersASIC Regulated Forex BrokersDubai Financial Services AuthorityFinancial Services AgencyCommodity Futures Trading AssociationFinancial Markets Authority of New ZealandBundesanstalt für FinanzdienstleistungsaufsichtBermuda Monetary AuthorityMarket 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 21.76300:1FCA Regulated BrokersASIC Regulated Forex BrokersCySEC Regulated BrokersFSCA Regulated Forex BrokersMarket Maker
Forex.com
4.62 /5
Read Review
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77% of retail CFD accounts lose money
0.93 pipsUSD 0USD 9.301.80 pipsUSD 21.76200:1FCA Regulated BrokersASIC Regulated Forex BrokersMonetary Authority of SingaporeCySEC Regulated BrokersCayman Islands Monetary AuthorityMarket Maker
Pepperstone
4.61 /5
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75.3% of retail CFD accounts lose money
0.60 pipsUSD 0USD 61.80 pipsUSD 21.76400:1FCA Regulated BrokersASIC Regulated Forex BrokersCySEC Regulated BrokersBundesanstalt für FinanzdienstleistungsaufsichtCapital Markets AuthorityNDD
AvaTrade
4.59 /5
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76% of retail CFD accounts lose money
2.00 pipsUSD 0USD 201.80 pipsUSD 21.76400:1ASIC Regulated Forex BrokersFSCA Regulated Forex BrokersCySEC Regulated BrokersFinancial Services AgencyCentral Bank of IrelandFinancial Regulatory Services AuthorityIsrael Securities AuthorityMarket Maker
Tickmill
4.58 /5
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70% of retail CFD accounts lose money
0.20 pipsUSD 4USD 61.80 pipsUSD 21.761000:1CySEC Regulated BrokersFCA Regulated BrokersLabuan Financial Services AuthorityFSCA Regulated Forex BrokersThe Seychelles Financial Services AuthorityDubai Financial Services AuthoritySTP
Eightcap
4.53 /5
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N/A of retail CFD accounts lose money
0.20 pipsUSD 7USD 91.80 pipsUSD 21.76500:1ASIC Regulated Forex BrokersSecurities Commission of the BahamasFCA Regulated BrokersCySEC Regulated BrokersMarket Maker NDD
HFM (HotForex)
4.53 /5
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72.90% of retail CFD accounts lose money
1.80 pipsUSD 0USD 181.80 pipsUSD 21.762000:1FSCA Regulated Forex BrokersCySEC Regulated BrokersFCA Regulated BrokersFinancial Services CommissionThe Seychelles Financial Services AuthorityDubai Financial Services AuthoritySTP
XTB
4.49 /5
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76% of retail CFD accounts lose money
0 pipsUSD 0USD 00 pipsUSD 0500:1CySEC Regulated BrokersFCA Regulated BrokersInternational Financial Services CommissionKomisja Nadzoru FinansowegoMarket Maker NDD
IC Markets
4.46 /5
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70.81% of retail CFD accounts lose money
0.85 pipsUSD 0USD 8.501.80 pipsUSD 21.76500:1CySEC Regulated BrokersASIC Regulated Forex BrokersThe Seychelles Financial Services AuthoritySecurities Commission of the BahamasECN/DMA

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