Canadian Dollar

• The Bank of Canada (BoC) is the country’s central bank. Its objective is to promote the country’s economic and financial prosperity.
• Price setting method: the exchange rate is floating. The BoC does not, in principle, make any direct intervention in the foreign exchange market.

• Canada is a major trading partner of the USA: therefore, the evolution of the Canadian currency can be influenced by the American political and economic situation.
• The CAD is commonly called Loonie, in reference to the aquatic bird living in the country.

The currency pair USD/CAD has standard spot exchange delay of T+1 (instead of T+2). EUR/CAD is the usual T+2.

• The CAD is one of the main "commodity currencies". Its evolution is therefore often correlated with that of energy prices (oil, gas) of which Canada is a major producer.

There are no special restrictions on the purchase and sale of CAD.