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AuthorBy Jeffrey Cammack
Updated: September 9, 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 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
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 Markets
4.69 /5
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1.30 pipsUSD 0USD 131.80 pipsUSD 21.76200:1FCA Regulated BrokersASIC Regulated Forex BrokersBundesanstalt für FinanzdienstleistungsaufsichtFinancial Markets Authority of New ZealandDubai Financial Services AuthorityFinancial Services AgencyCommodity Futures Trading AssociationFinansinspektionenMarket Maker
Capital.com
4.68 /5
Read Review
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Your capital is at risk
2.00 pipsUSD 0USD 201.80 pipsUSD 21.76200:1FCA Regulated BrokersCySEC Regulated BrokersASIC Regulated Forex BrokersMarket Maker
MarketsX
4.64 /5
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Your capital is at risk
2.90 pipsUSD 0USD 291.80 pipsUSD 21.76300:1FCA Regulated BrokersCySEC Regulated BrokersASIC Regulated Forex BrokersFSCA Regulated Forex BrokersBritish Virgin Islands Financial Services CommissionMarket Maker
Pepperstone
4.61 /5
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Your capital is at risk
0.60 pipsUSD 0USD 61.80 pipsUSD 21.76400:1FCA Regulated BrokersASIC Regulated Forex BrokersCySEC Regulated BrokersDubai Financial Services AuthorityBundesanstalt für FinanzdienstleistungsaufsichtSecurities Commission of the BahamasCapital Markets AuthorityNDD
HFM (Hotforex)
4.49 /5
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1.80 pipsUSD 0USD 181.80 pipsUSD 21.761000:1CySEC Regulated BrokersFCA Regulated BrokersFSCA Regulated Forex BrokersDubai Financial Services AuthorityFinancial Services CommissionThe Seychelles Financial Services AuthoritySTP
Tickmill
4.48 /5
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0.20 pipsUSD 4USD 61.80 pipsUSD 21.76500:1CySEC Regulated BrokersFCA Regulated BrokersLabuan Financial Services AuthorityFSCA Regulated Forex BrokersThe Seychelles Financial Services AuthoritySTP
IC Markets
4.46 /5
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Your capital is at risk
0.85 pipsUSD 0USD 8.501.80 pipsUSD 21.76500:1CySEC Regulated BrokersASIC Regulated Forex BrokersThe Seychelles Financial Services AuthorityECN/DMA
AvaTrade
4.38 /5
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Your capital is at risk
2.00 pipsUSD 0USD 201.80 pipsUSD 21.76400:1ASIC Regulated Forex BrokersFSCA Regulated Forex BrokersBritish Virgin Islands Financial Services CommissionFinancial Services AgencyCySEC Regulated BrokersCentral Bank of IrelandMarket Maker
Admiral Markets
4.34 /5
Read Review
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Your capital is at risk
1.60 pipsUSD 0USD 161.80 pipsUSD 21.76500:1ASIC Regulated Forex BrokersCySEC Regulated BrokersFCA Regulated BrokersFSCA Regulated Forex BrokersSTP
Axi
4.34 /5
Read Review
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Your capital is at risk
1.60 pipsUSD 0USD 161.80 pipsUSD 21.76500:1FCA Regulated BrokersASIC Regulated Forex BrokersFinancial Markets Authority of New ZealandDubai Financial Services AuthorityECN/DMA

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