The USD/CAD is one of the most popular currency pairs because of the large volume of trade between the two North American neighbors. The USD/CAD FOREX pair is popularly referred to as the “Loonie,” which is a colloquial term that refers to the Canadian dollar coin. The Canadian dollar is commonly thought of as a strong commodity currency owing to the high dependency on such commodities as oil. In fact, the currency pair is particularly sensitive to oil prices, with the Canadian dollar often rising and falling in tandem with crude oil prices.
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