Canadian dollar.

The Canadian dollar acts as a means of payment in Canada and is freely exchanged for the national currencies of most world powers.

Recently, this currency has begun to gain more and more popularity against the backdrop of the unstable US dollar and euro.

Until recently, the Canadian dollar mainly acted as a commodity currency, the scope of which was in payments for oil and metals, of which Canada is the largest exporter.

At the moment, the popularity of this currency is increasing as a stable instrument for the formation of foreign exchange reserves of national and commercial banks. The increase in demand is associated with the stability of the exchange rate and positive forecasts for economic development.

Citizens of many countries are also beginning to show increased interest in this means of payment, using Canadian currency to protect their savings from depreciation.

In international transactions, the Canadian dollar is still less popular than other world currencies, its position is inferior to such currencies as the euro, US dollar, Japanese yen, British pound and Swiss franc, the share of its use in total world trade turnover is only a few percent.

This means of payment is included in the list of freely convertible currencies of the world, so the price is set only in the process of open bidding, depending on supply and demand. Now it is almost equal in value to the American dollar and fluctuates between 1-1.01 Canadian dollars per one American dollar.

Only five denominations of banknotes are issued: 100, 50, 20, 10 and 5 dollars.

Due to its dependence on commodities, the exchange rate of this currency is easy to predict; it is for this reason that this currency is in great demand among traders on the Forex market.

Operations with its participation are carried out on such currency pairs as CHF/JPY, EUR/CAD, USD/CAD, the most attractive for trading is the last currency pair, since factors influencing the exchange rate of the Canadian dollar sometimes have the opposite effect on the US dollar, therefore the price of the USD/CAD currency pair goes down sharply.

The main factors causing the growth of the Canadian dollar are the increase in prices for oil and oil products, non-ferrous and ferrous metals, reports of an improvement in the economic situation within the country and the publication of major financial indices.

Tracking them in a timely manner provides excellent prospects for trading using the Forex news strategy .