USD CAD Signals for Binary Options Trading

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USDCAD is also known as the loonie currency pair in North America, which is the name for the Canadian Dollar.

USDCAD Trading in Binary Options

If you should trade this currency pair, you should know that the Canadian economy as a whole depends heavily on commodity markets, more precisely on the oil market. Canada is known as a big oil producer on a global level, and anything that happens on the oil market directly reflects on the Canadian economy, and subsequently on the USDCAD currency pair.

As we said the USDCAD moves and fluctuates in the market when oil prices change, but the USDCAD also indicates the differences between the two economies which are only divided by the US-Canadian border.

If you should engage in trading the USDCAD, the following should be taken into consideration:

  • The first task is to look for the date of release of oil inventories in the economic calendar. This can be useful to traders since they get valuable hints on what direction is the Canadian economy going to take in the following period. Higher inventories indicate a drop in oil prices, which automatically means that the USDCAD will also turn lower. This will send the currency pair to the upside and traders should place call options. Put options are to be placed when the opposite happens.
  • Since the Canadian economy mostly revolves around oil, OPEC meetings should also be followed since they always account for significant movements in the oil market, and subsequently, in the USDCAD pair.
  • Interest rate changes and decisions taken by central banks. The Federal Reserve meets on a 6-week basis and is only open to the press when interest rates are concerned. The Central Bank of Canada meets every 30 days and is open to the press.

What News to Follow in Canada?

Every USDCAD trader should stick to releases connected to the oil industry, i.e. OPEC production levels and meetings, US oil rig count, inventories levels, and others. Make sure to know when these data are released and be prepared to see the USDCAD move actively during these periods.

Unlike Europe, USA, and Australia, which all have, at least, two Indices, Canada has only one Ivey PMI, and the release of this Index is basically a mirror of the Canadian economy, which means that it deserves your full attention as trader in USDCAD. It shows whether the economy has been growing, shrinking, whether the country goes through recession or prosperity, etc.

Other news releases that can help your trading cause are GDP release, Retail Sales, Manufacturing statistics, etc. Still, the USDCAD’s value is mostly defined by the interest rate status and oil prices, all other information in Canada are secondary.

Since the meetings of the Bank of Canada are public, expect the USDCAD to show high volatility during the press conferences.

What News to Follow in the USA?

A series of important economic data is being released in the USA, since the biggest economy in the world has a lot to share with its citizens and the world.

As a trader, your primary focus should be on US Federal Reserve meetings and news releases like non-farm payrolls and the CPI which indicates inflation. Besides these two, there are some other releases which can give you certain hints what to expect in the market and they are Retail Sales, Institute for Supply Management (ISM), Manufacturing and Non-manufacturing, and of course the PPI and GDP, as well as private payrolls, and other similar releases.

The Purpose of Following Releases

All central bank meetings will trigger the USDCAD to move sharply and you can expect high levels of volatility when for example, the press conference on the meeting of the Bank of Canada is taking place.

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Be careful when it comes to the press conference statements since it sometimes happens that events, e.g. interest rate decisions, are downplayed and your job is to watch if the conference comments are in line with the actual statistics that has been released.

The USDCAD is not one of the liquid currency pairs but tends to be at a lower level, which means that every trading decision should be carried out with minimum mistakes since one cannot afford to lose on a low-liquid currency pair. The low levels of USDCAD liquidity indicate sharp and strong trend movements in the market and you should use it to your benefit as a binary options trader.

The Federal Open Market Committee of the US Federal Reserve Bank holds meetings every 6 weeks (as opposed to the majority of countries which meet every month) and not all of them are open to the public. You can follow the press conferences on these meetings every 2 to 3 meetings. These meetings result in the release of economic projections which dictate the course of prices to a big extent.

As all central banks meetings, the Federal Reserve’s meetings are also causing a lot of turbulent movements in the market, whereby the USD is moving sharply during and after the meetings and also influences all other USD-related currencies to move as well.

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MetaTrader 5

What is Forex trading

The foreign exchange market (Forex) is the world’s most liquid and most traded market, where trades worth trillions are completed each day.

Forex trading involves buying one currency and selling another currency at the same time. This is why you always see them quoted in pairs. For example: EUR/USD and GBP/USD.

Which currencies can I trade

Forex trading involves buying or selling these “currency pairs”. When you buy a currency pair such as EUR/USD, it means that you are buying the EURO and selling the USD at the same time.

Currency pairs are categorised as follows:

  • Major pairs – Consist of the world’s most widely traded currency pairs
  • Minor pairs – Consist of less liquid currency pairs
  • Exotic pairs – Consist of one non-USD major currency that’s paired with the currency of an emerging economy. For example: GBP/HKD

The spread – why it matters

When you see currency pairs offered by a broker or trading service, there are usually two prices available: the ask price and the bid price. These are also known as the buy price and the sell price respectively.

The spread is the difference between the ask and bid price.

Based on the table below, can you tell what is the spread for the EUR/USD currency pair?

Symbol Bid Ask
EUR/USD 1.05652 1.05653
GBP/USD 1.24509 1.24515
USD/CHF 1.01010 1.01015
USD/JPY 113.248 113.251
USD/CAD 1.31441 1.31444
AUD/USD 0.76876 0.76879
AUD/NZD 1.06683 1.06691
AUD/CAD 1.01043 1.01050
AUD/CHF 0.77652 0.77658

Let’s calculate the spread for EUR/USD:

Ask price – Bid price = Spread

1.05653 – 1.05652 = 0.00001

What time is the market open for me to trade

The Forex is an over-the-counter market where trading takes place between two parties, and not with a centralised exchange or marketplace.

Depending on your broker or trading platform, you can start trading from the time the Sydney market opens on Monday morning to the time the New York market closes on Friday evening – up to 24 hours a day, five days a week.

Binary.com clients can trade Forex from Sunday 21:00 GMT to Friday 21:00 GMT.

How to trade Forex

A Forex trader always has one objective in mind when trading: to exchange one currency for another in order to make a profit.

This is why we’ve come up with the following three-step tutorial to help you bridge that gap and make your first trade:

Step 1: Learn to read currency pairs

One of the first things most Forex traders learn is how to read a currency pair. There are two parts to a currency pair

EUR / USD

Tips

  • The base currency is always equal to one unit.
  • The ask price of the currency pair indicates how much of the quote currency is required to buy one unit of base currency. This is more commonly known as the exchange rate.

For example, if you see that the EUR/USD has an ask price of 1.05382, you’ll sell USD 1.05382 (quote currency) for every EUR 1 (base currency) you buy.

If the bid price is 1.05229, you’ll buy USD 1.05229 for every EUR 1 you sell.

Step 2: Understand when to buy and when to sell

Think that a certain currency will go up or down? Learn when you should buy (or “go long”) and when to sell (or “go short”).

Traders choose to buy a certain currency pair if they think the value of the base currency will rise. The opposite is also true: they sell a certain currency pair if they think the value of the base currency will fall.

Let’s compare the differences between buying and selling, using the EUR/USD as an example:

  • You’re buying the EUR and selling the USD
  • You expect the EUR to rise in value so you can sell it back for a profit
  • Buy = go long
  • You’re selling the EUR and buying the USD
  • You expect the EUR to fall in value so you can buy it back at a lower price (and make a profit)
  • Sell = go short

Step 3: How to purchase your first currency pair

After you’ve decided which position you want to take, your next step is to purchase that currency pair on MetaTrader 5.

Here’s an example of the EUR/USD currency pair and its bid-ask price:

To go long, you’ll want to click on ‘Buy’ to purchase EUR 1 for USD 1.17726

To go short, you’ll click on ‘Sell’ to sell EUR 1 and receive USD 1.17725 in return.

Forex margin policy

Margin allows you to trade on leverage – meaning your existing capital can give you a much higher level of market exposure.

For example, if you wanted to purchase 100 units of a particular asset that’s trading at USD 50 per unit through a traditional broker, it would typically cost you USD 5,000 for this transaction.

However, with leverage you can purchase those 100 units at a fraction of the typical cost – depending on the leverage afforded to you by your broker or trading platform.

How to calculate margin

You can determine the margin for our currency pairs by using the formula below:

For example, if you buy one lot of the EUR/USD pair with a contract size of 100,000 and leverage of 100:1, the margin that you need to purchase one lot of EUR/USD will be calculated as follows:

What’s a margin call and how is it applied

Equity is the sum of your balance and floating profit and loss (PnL). Margin level is the ratio of equity to margin. When that ratio reaches a specified percentage (usually 100%), your account will be placed under margin call. This does not affect your ability to open new positions; it serves to alert you that your floating PnL is moving lower. However, it is recommended to add funds to your account in order to keep your positions open. Alternatively, you may close losing positions.

What’s a stop out level and how is it applied

If your margin level reaches an even lower level (usually 50%), it will reach the stop out level where it is unable to sustain an open position. This will lead to some, or all your open positions being forcibly closed (also known as “forced liquidation”).

When your account hits the forced liquidation level, your orders and positions are forcibly closed in the following sequence:

  1. We delete an order with the largest margin reserved
  2. If your margin level is still under the stop out level, your next order will be deleted. However, orders without margin requirements will not be deleted
  3. If your margin level is still under the stop out level, we will close an open position with the largest loss
  4. We will continue to close open positions until your margin level becomes higher than the stop out level

Forex contract specifications

Major pairs

Symbol Description Lot size Minimum volume Volume step
AUD/CAD Australian Dollar vs Canadian Dollar 100,000 0.01 0.01
AUD/CHF Australian Dollar vs Swiss Franc 100,000 0.01 0.01
AUD/JPY Australian Dollar vs Japanese Yen 100,000 0.01 0.01
AUD/NZD Australian Dollar vs New Zealand Dollar 100,000 0.01 0.01
AUD/USD Australian Dollar vs US Dollar 100,000 0.01 0.01
EUR/AUD Euro vs Australian Dollar 100,000 0.01 0.01
EUR/CAD Euro vs Canadian Dollar 100,000 0.01 0.01
EUR/CHF Euro vs Swiss Franc 100,000 0.01 0.01
EUR/GBP Euro vs Great Britain Pound 100,000 0.01 0.01
EUR/JPY Euro vs Japanese Yen 100,000 0.01 0.01
EUR/NZD Euro vs New Zealand Dollar 100,000 0.01 0.01
EUR/USD Euro vs US Dollar 100,000 0.01 0.01
GBP/CHF Great Britain Pound vs Swiss Franc 100,000 0.01 0.01
GBP/JPY Great Britain Pound vs Japanese Yen 100,000 0.01 0.01
GBP/USD Great Britain Pound vs US Dollar 100,000 0.01 0.01
NZD/USD New Zealand Dollar vs US Dollar 100,000 0.01 0.01
USD/CAD US Dollar vs Canadian Dollar 100,000 0.01 0.01
USD/CHF US Dollar vs Swiss Franc 100,000 0.01 0.01
USD/JPY US Dollar vs Japanese Yen 100,000 0.01 0.01

Minor pairs

Symbol Description Lot size Minimum volume Volume step
CAD/CHF Canadian Dollar vs Swiss Franc 100,000 0.01 0.01
CAD/JPY Canadian Dollar vs Japanese Yen 100,000 0.01 0.01
EUR/NOK Euro vs Norwegian Krone 100,000 0.01 0.01
EUR/PLN Euro vs Polish Zloty 100,000 0.01 0.01
EUR/SEK Euro vs Swedish Krona 100,000 0.01 0.01
GBP/AUD Great Britain Pound vs Australian Dollar 100,000 0.01 0.01
GBP/CAD Great Britain Pound vs Canadian Dollar 100,000 0.01 0.01
GBP/NOK Great Britain Pound vs Norwegian Krone 100,000 0.01 0.01
GBP/NZD Great Britain Pound vs New Zealand Dollar 100,000 0.01 0.01
GBP/SEK Great Britain Pound vs Swedish Krona 100,000 0.01 0.01
NZD/CAD New Zealand Dollar vs Canadian Dollar 100,000 0.01 0.01
NZD/JPY New Zealand Dollar vs Japanese Yen 100,000 0.01 0.01
USD/CNH US Dollar vs Chinese Renminbi 100,000 0.01 0.01
USD/MXN US Dollar vs Mexican Peso 100,000 0.01 0.01
USD/NOK US Dollar vs Norwegian Krone 100,000 0.01 0.01
USD/PLN US Dollar vs Polish Zloty 100,000 0.01 0.01
USD/SEK US Dollar vs Swedish Krona 100,000 0.01 0.01
USD/ZAR US Dollar vs South African Rand 100,000 0.01 0.01

Exotic pairs

Symbol Description Lot size Minimum volume Volume step
AUD/SGD Australian Dollar vs Singapore Dollar 100,000 0.01 0.01
CHF/JPY Swiss Franc vs Japanese Yen 100,000 0.01 0.01
EUR/HKD Euro vs Hong Kong Dollar 100,000 0.01 0.01
EUR/ILS Euro vs Israeli New Shekel 100,000 0.01 0.01
EUR/MXN Euro vs Mexican Peso 100,000 0.01 0.01
EUR/SGD Euro vs Singapore Dollar 100,000 0.01 0.01
EUR/TRY Euro vs Turkish Lira 100,000 0.01 0.01
EUR/ZAR Euro vs South African Rand 100,000 0.01 0.01
GBP/SGD Great Britain Pound vs Singapore Dollar 100,000 0.01 0.01
GBP/TRY Great Britain Pound vs Turkish Lira 100,000 0.01 0.01
HKD/JPY Hong Kong Dollar vs Japanese Yen 100,000 0.01 0.01
NZD/CHF New Zealand Dollar vs Swiss Franc 100,000 0.01 0.01
NZD/SGD New Zealand Dollar vs Singapore Dollar 100,000 0.01 0.01
SGD/JPY Singapore Dollar vs Japanese Yen 100,000 0.01 0.01
USD/HKD US Dollar vs Hong Kong Dollar 100,000 0.01 0.01
USD/ILS US Dollar vs Israeli New Shekel 100,000 0.01 0.01
USD/RUB US Dollar vs Russian Ruble 100,000 0.01 0.01
USD/SGD US Dollar vs Singapore Dollar 100,000 0.01 0.01
USD/THB US Dollar vs Thai Baht 100,000 0.01 0.01
USD/TRY US Dollar vs Turkish Lira 100,000 0.01 0.01

How to read the contract specifications table

The Forex is typically traded in lots. One standard lot is equivalent to 100,000 units. Each time you open a position on a currency symbol, you can start with a minimum transaction of 0.01 lots.

For information about Forex leverage refer to our Margin Policy.

Important notes on our swap rates (overnight funding)

If you keep any positions open overnight, an interest adjustment will be made to your trading account as indication of the cost required to keep your position open.

This interest adjustment (or swap rate) is based on interbank lending rates, on top of a 2% fee.

The interest adjustment is calculated in ‘points’ – meaning we will convert the relevant interbank lending rates to ‘points’ in the base currency.

Please take note that our swap rate also depends on the time and days you hold your positions open:

  • You will be subjected to swap rates if you keep a position open past 23:59:59 GMT.
  • Positions that are still open on Wednesday at 23:59:59 GMT will be charged three times the swap rate to account for weekends – a standard practice for all Forex brokers.
  • Our swap rate may also be adjusted to take holidays into account.

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In the EU, financial products are offered by Binary Investments (Europe) Ltd., W Business Centre, Level 3, Triq Dun Karm, Birkirkara, BKR 9033, Malta, regulated as a Category 3 Investment Services provider by the Malta Financial Services Authority (licence no. IS/70156).

Outside the EU, financial products are offered by Binary (SVG) LLC, Hinds Building, Kingstown, St. Vincent and the Grenadines; Binary (V) Ltd, Govant Building, Port Vila, PO Box 1276, Vanuatu, regulated by the Vanuatu Financial Services Commission (view licence); Binary (BVI) Ltd, Kingston Chambers, P.O. Box 173, Road Town, Tortola, British Virgin Islands, regulated by the British Virgin Islands Financial Services Commission (licence no. SIBA/L/18/1114); and Binary (FX) Ltd., Lot No. F16, First Floor, Paragon Labuan, Jalan Tun Mustapha, 87000 Labuan, Malaysia, regulated by the Labuan Financial Services Authority to carry on a money-broking business (licence no. MB/18/0024).

This website’s services are not made available in certain countries such as the USA, Canada, Hong Kong, Japan, or to persons under age 18.

The products offered via this website include binary options, contracts for difference (“CFDs”) and other complex derivatives. Trading binary options may not be suitable for everyone. Trading CFDs carries a high level of risk since leverage can work both to your advantage and disadvantage. As a result, the products offered on this website may not be suitable for all investors because of the risk of losing all of your invested capital. You should never invest money that you cannot afford to lose, and never trade with borrowed money. Before trading in the complex products offered, please be sure to understand the risks involved and learn about Responsible Trading.

In the EU, financial products are offered by Binary Investments (Europe) Ltd., W Business Centre, Level 3, Triq Dun Karm, Birkirkara, BKR 9033, Malta, licensed and regulated as a Category 3 Investment Services provider by the Malta Financial Services Authority (licence no. IS/70156).

In the Isle of Man and the UK, Synthetic Indices are offered by Binary (IOM) Ltd., First Floor, Millennium House, Victoria Road, Douglas, IM2 4RW, Isle of Man, British Isles; licensed and regulated respectively by (1) the Gambling Supervision Commission in the Isle of Man (current licence issued on 31 August 2020) and by (2) the Gambling Commission in the UK (licence reference no: 39172).

In the rest of the EU, Synthetic Indices are offered by Binary (Europe) Ltd., W Business Centre, Level 3, Triq Dun Karm, Birkirkara, BKR 9033, Malta; licensed and regulated by (1) the Malta Gaming Authority in Malta (licence no. MGA/B2C/102/2000 issued on 01 August 2020), for UK clients by (2) the UK Gambling Commission (licence reference no: 39495), and for Irish clients by (3) the Revenue Commissioners in Ireland (Remote Bookmaker’s Licence no. 1010285 issued on 1 July 2020). View complete Regulatory Information.

Binary.com is an award-winning online trading provider that helps its clients to trade on financial markets through binary options and CFDs. Trading binary options and CFDs on Synthetic Indices is classified as a gambling activity. Remember that gambling can be addictive – please play responsibly. Learn more about Responsible Trading. Some products are not available in all countries. This website’s services are not made available in certain countries such as the USA, Canada, Hong Kong, or to persons under age 18.

Trading binary options may not be suitable for everyone, so please ensure that you fully understand the risks involved. Your losses can exceed your initial deposit and you do not own or have any interest in the underlying asset.

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 78.6% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

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