Why is CAD considered a commodity currency?

The CAD is considered to be a commodity currency because of the large amount of natural resources, especially oil, that are mined and exported to southern neighbors. The USDCAD is one of the most traded currency pairs in the world.

What does a positive CAD value mean?

A positive value shows trade surplus, while a negative value shows trade deficit. It is an event that generates some volatility for the USDCAD. If a steady demand in exchange for CAD exports is seen, that would turn into a positive growth in the trade balance, and that should be positive for the CAD.

What is a USDCAD / AUD / NZD?

The USDCAD is one of the three so-called “ commodity pairs ”, together with the following ones: AUD/USD, NZD/USD. These pairs are highly correlated to commodity (especially oil) fluctuations. Canada is commonly known as a resource based economy being a large producer and supplier of oil.

Is USDCAD H4 a bullish bounce off support?

USDCAD H4 | Bullish bounce off support USD/CAD could fall towards an overlap support and potentially bounce off this level to climb higher. Buy entry is at 1.37368 which is an overlap support. Stop loss is at 1.36730 which is a level that sits under the 61.8% Fibonacci retracement level and an overlap support.