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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
Read Review
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Your capital is at risk
1.30 pipsUSD 0USD 131.80 pipsUSD 21.7630:1FCA Regulated BrokersASIC Regulated Forex BrokersFinancial Services Conduct AuthorityBundesanstalt für FinanzdienstleistungsaufsichtBest Forex Brokers in SingaporeDubai Financial Services AuthorityFinancial Services AgencyCommodity Futures Trading AssociationMarket Maker
Capital.com
4.68 /5
Read Review
Visit Broker >
Your capital is at risk
2.00 pipsUSD 0USD 201.80 pipsUSD 21.7630:1FCA Regulated BrokersCySEC Regulated BrokersASIC Regulated Forex BrokersMarket Maker
Pepperstone
4.61 /5
Read Review
Visit Broker >
Your capital is at risk
0.60 pipsUSD 0USD 61.80 pipsUSD 21.7630:1FCA Regulated BrokersASIC Regulated Forex BrokersCySEC Regulated BrokersDubai Financial Services AuthorityBundesanstalt für FinanzdienstleistungsaufsichtSecurities Commission of the BahamasCapital Markets AuthorityNDD
CMC Markets
4.59 /5
Read Review
Visit Broker >
Your capital is at risk
1.30 pipsUSD 0USD 131.80 pipsUSD 21.7630:1ASIC Regulated Forex BrokersFCA Regulated BrokersBest Forex Brokers in SingaporeFMA Regulated Forex BrokersBundesanstalt für FinanzdienstleistungsaufsichtMarket Maker
Markets.com
4.49 /5
Read Review
Visit Broker >
Your capital is at risk
2.90 pipsUSD 0USD 291.80 pipsUSD 21.7630:1FCA Regulated BrokersCySEC Regulated BrokersASIC Regulated Forex BrokersFinancial Services Conduct AuthorityBritish Virgin Islands Financial Services CommissionMarket Maker
AvaTrade
4.48 /5
Read Review
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Your capital is at risk
2.00 pipsUSD 0USD 201.80 pipsUSD 21.7630:1ASIC Regulated Forex BrokersFinancial Services Conduct AuthorityBritish Virgin Islands Financial Services CommissionFinancial Services AgencyCySEC Regulated BrokersCentral Bank of IrelandMarket Maker
Tickmill
4.48 /5
Read Review
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Your capital is at risk
0.20 pipsUSD 4USD 61.80 pipsUSD 21.7630:1CySEC Regulated BrokersFCA Regulated BrokersLabuan Financial Services AuthorityFinancial Services Conduct AuthorityThe Seychelles Financial Services AuthoritySTP
IC Markets
4.46 /5
Read Review
Visit Broker >
Your capital is at risk
0.85 pipsUSD 0USD 8.501.80 pipsUSD 21.7630:1CySEC Regulated BrokersASIC Regulated Forex BrokersThe Seychelles Financial Services AuthorityECN/DMA
Admiral Markets
4.34 /5
Read Review
Visit Broker >
Your capital is at risk
1.60 pipsUSD 0USD 161.80 pipsUSD 21.7630:1ASIC Regulated Forex BrokersCySEC Regulated BrokersFCA Regulated BrokersFinancial Services Conduct AuthoritySTP
Axi
4.34 /5
Read Review
Visit Broker >
Your capital is at risk
1.60 pipsUSD 0USD 161.80 pipsUSD 21.7630:1FCA Regulated BrokersASIC Regulated Forex BrokersFMA Regulated Forex BrokersDubai Financial Services AuthorityECN/DMA

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