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AuthorAuthor: Chris CammackUpdated: Sep 9, 2022

Last Updated On Sep 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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71% of retail CFD accounts lose money
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
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 BrokersCySEC Regulated BrokersASIC Regulated Forex BrokersFSCA Regulated Forex BrokersBritish Virgin Islands Financial Services CommissionMarket Maker
Forex.com
4.62 /5
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68%Hello Chrisof 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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89%74- of retail CFD accounts lose money
0.60 pipsUSD 0USD 61.80 pipsUSD 21.76400:1Capital Markets AuthorityFCA Regulated BrokersASIC Regulated Forex BrokersCySEC Regulated BrokersNDD
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 AuthorityMarket Maker
Tickmill
4.58 /5
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71% of retail CFD accounts lose money
0.20 pipsUSD 4USD 61.80 pipsUSD 21.76500:1CySEC Regulated BrokersFCA Regulated BrokersLabuan Financial Services AuthorityFSCA Regulated Forex BrokersThe Seychelles Financial Services AuthorityDubai Financial Services AuthoritySTP
IC Markets
4.56 /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
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 21.76400:1Capital Markets AuthorityCySEC Regulated BrokersFCA Regulated BrokersFSCA Regulated Forex BrokersSTP
XM
4.45 /5
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75.33% of retail CFD accounts lose money
0 pipsUSD 0USD 00 pipsUSD 01000:1CySEC Regulated BrokersASIC Regulated Forex BrokersDubai Financial Services AuthorityInternational Financial Services CommissionFSCA Regulated Forex BrokersMarket Maker

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