USD/CAD (Loonie)

USD/CAD is the exchange rate of the US dollar against the Canadian dollar, quoted as how many CAD one USD buys (e.g. 1.3500 means 1.35 CAD per dollar). The CAD is nicknamed the "loonie" after the loon on Canada's 1987 one-dollar coin. It is a commodity currency: the pair usually shows an inverse correlation with crude oil prices, while its trend is driven mainly by the rate gap between the Bank of Canada (BoC) and the Fed.