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AuthorBy Chris Cammack
Updated: July 5, 2022

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 EUR/GBP, including the spread and commission. It also details the industry average spread and industry average trading cost for 1 lot of EUR/GBP.

Best USDCAD Forex Brokers

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Broker
Overall Rating
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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66% of retail CFD accounts lose money
1.30 pipsUSD 0USD 131.80 pipsUSD 21.76200:1FCA Regulated BrokersASIC BrokersFinancial Services Conduct AuthorityBundesanstalt für FinanzdienstleistungsaufsichtFinancial Markets Authority of New ZealandDubai Financial Services AuthorityFinancial Services AgencyCommodity Futures Trading AssociationMarket Maker
Pepperstone
4.61 /5
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75.8% of retail CFD accounts lose money
0.60 pipsUSD 0USD 61.80 pipsUSD 21.76200:1FCA Regulated BrokersASIC BrokersCySEC Regulated BrokersDubai Financial Services AuthorityBundesanstalt für FinanzdienstleistungsaufsichtSecurities Commission of the BahamasCapital Markets AuthorityNDD
Markets.com
4.58 /5
Read Review
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79.9% of retail CFD accounts lose money
2.90 pipsUSD 0USD 291.80 pipsUSD 21.76300:1FCA Regulated BrokersCySEC Regulated BrokersASIC BrokersFinancial Services Conduct AuthorityBritish Virgin Islands Financial Services CommissionMarket Maker
AvaTrade
4.49 /5
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71% of retail CFD accounts lose money
2.00 pipsUSD 0USD 201.80 pipsUSD 21.76400:1ASIC BrokersFinancial Services Conduct AuthorityBritish Virgin Islands Financial Services CommissionFinancial Services AgencyCentral Bank of IrelandFinancial Regulatory Services AuthorityMarket Maker
Tickmill
4.48 /5
Read Review
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75% of retail CFD accounts lose money
0.20 pipsUSD 4USD 61.80 pipsUSD 21.76500:1CySEC Regulated BrokersFCA Regulated BrokersLabuan Financial Services AuthorityFinancial Services Conduct AuthorityThe Seychelles Financial Services AuthoritySTP
IC Markets
4.46 /5
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77% of retail CFD accounts lose money
0.85 pipsUSD 0USD 8.501.80 pipsUSD 21.76500:1CySEC Regulated BrokersASIC BrokersThe Seychelles Financial Services AuthoritySecurities Commission of the BahamasECN/DMA
Go Markets
4.44 /5
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62% of retail CFD accounts lose money
0.30 pipsUSD 4USD 71.80 pipsUSD 21.76500:1ASIC BrokersCySEC Regulated BrokersFinancial Services AgencyFinancial Services CommissionMarket Maker NDD, ECN/DMA
HFM (HotForex)
4.43 /5
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72.90% of retail CFD accounts lose money
1.80 pipsUSD 0USD 181.80 pipsUSD 21.761000:1CySEC Regulated BrokersFCA Regulated BrokersFinancial Services Conduct AuthorityDubai Financial Services AuthorityFinancial Services CommissionThe Seychelles Financial Services AuthoritySTP
XM
4.35 /5
Read Review
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74.07% of retail CFD accounts lose money
0 pipsUSD 0USD 00 pipsUSD 0888:1CySEC Regulated BrokersASIC BrokersFCA Regulated BrokersInternational Financial Services CommissionMarket Maker
Axitrader
4.34 /5
Read Review
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75.6% of retail CFD accounts lose money
1.60 pipsUSD 0USD 161.80 pipsUSD 21.76500:1FCA Regulated BrokersASIC BrokersFinancial Markets Authority of New ZealandDubai Financial Services AuthorityFinancial Services Authority – St. Vincent & the GrenadinesECN/DMA

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