USDCAD

Written by Mike Druttman

Fact checked by Nick Zelver

Updated Mar, 2024

Intro

The USDCAD, a highly traded currency pair, thrives on the robust economic and trade relationship between the United States and Canada. Their close proximity and shared economic policies contribute to its popularity among traders. A key attraction is the pair's liquidity, which is a major factor for traders, as it facilitates easier trading. Additionally, the USD/CAD pair is known for its stability and volatility. This combination offers profit opportunities through exchange rate fluctuations. The pair is also available for trading on eToro’s forex trading platform. For those interested in detailed strategies and personal insights, I have prepared a comprehensive guide.

Trading USDCAD via CFD

When trading USDCAD on platforms like eToro, you engage in CFD (Contract for Difference) trading, rather than a direct exchange of currencies such as GBP to USD. CFD trading is appealing as it allows speculative trading on forex market movements without the need to own the actual currencies.

Why I Prefer Trading USDCAD on eToro

Having traded USDCAD on eToro multiple times, I’ve identified several benefits:

• User-friendly interface: eToro's platform is intuitive, making it accessible for both beginners and experienced traders.
• Flexible trading schedule: The platform allows trading at your convenience, accommodating various time zones and lifestyles.
• No transaction fees: eToro offers currency trading without transaction fees, reducing trading costs.
• Leverage options: The platform provides leverage, enabling traders to open larger positions with a smaller capital commitment.

The USDCAD Asset Page

On the USDCAD asset page, you're greeted by the Overview section. This default area showcases several key elements:

• Graph: Displays the asset's performance over time.
• About: Offers brief information about the asset.
• Latest News: Features current news relevant to the pair, sourced from CityFALCON.
• People Also Bought: Highlights other popular currency pairs among traders.
• Copy Investors: Lists top-performing traders in this currency pair. Clicking the "Copy" button next to a trader will direct you to their copy trading window.
• Discussions: Here, you'll find posts and conversations from other traders interested in the pair. You can filter to view top or all discussions and interact by liking, commenting, or sharing posts.

Tools You Can Use

The platform’s integrated tools enhance the trading experience:

• Chart: Provides a live chart for the asset, customizable from 1 minute to 1 week intervals.
• News: Delivers the latest news on the currency pair, powered by CityFALCON. It also indicates the news mood as positive, negative, or neutral. The Sentiment Trends section quantifies the news sentiment over 30 days, showing average sentiment and top stories for each day.

Trading USDCAD on eToro

To trade USDCAD, search for the asset, select "BUY" or "SELL", enter your investment amount, set your trade preferences, and execute the trade.

Conclusion

That concludes the essentials for trading the USDCAD pair on eToro's web-based platform or mobile app. Keep these tips in mind to enhance your eToro forex trading journey.

eToro is a multi-asset platform which offers both investing in stocks and cryptoassets, as well as trading CFDs.

Please note that CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 76% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Past performance is not an indication of future results. Trading history presented is less than 5 complete years and may not suffice as basis for investment decision.

Copy Trading does not amount to investment advice. The value of your investments may go up or down. Your capital is at risk.

Cryptoasset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply. Don't invest unless you're prepared to lose all the money you invest. This is a high-risk investment, and you should not expect to be protected if something goes wrong. Take 2 mins to learn more.

eToro USA LLC does not offer CFDs and makes no representation and assumes no liability as to the accuracy or completeness of the content of this publication, which has been prepared by our partner utilizing publicly available non-entity specific information about eToro.