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What is the exchange rate of USD (US Dollar) / CAD (Canadian Dollar) on Thursday October 29, 2020

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Get the current mid-market rate for USD (US Dollar) / CAD (Canadian Dollar) for Thursday October 29, 2020 right here.

The latest rates for USD (US Dollar) / CAD (Canadian Dollar) are available below. As a leading finance news site the team at Born2Invest collates and analyses the latest forex market data to bring you live information to help you make the best forex trading decisions every day.

Thursday October 29, 2020 1 USD (US Dollar) is 1.336545 of CAD (Canadian Dollar) .

Remember to always trade using a reputable broker. It’s also possible to apply many forex concepts to cryptocurrency trading.

Forex pairs explained

Forex trading is inherently risky and there are countless forex pairs to choose from. The only way to make a profit from forex trading is to understand how the market works. Luckily for you the Born2Invest forex team has collated some forex trading tips to get you started.

Forex trades are always made using currency pairs. Whenever you buy one currency you are selling another. In every pair there is a base currency, for example USD (US Dollar) and a quote currency, which would be CAD (Canadian Dollar).

The price of a currency pair represents the amount of quote currency, or CAD (Canadian Dollar), that you will need to spend in order to purchase a single unit of USD (US Dollar), the base currency. So using the current example you would need to spend 1.336545 of CAD (Canadian Dollar) in order to purchase 1 USD (US Dollar).

The three types of forex pairs

Forex pairs can be grouped into three main categories; the majors, the commodity currencies, and the cross currencies:

  • Major currencies are the most commonly traded currencies on the market. Different publications will use different criteria but pretty much every list will include EUR/USD, USD/JPY, GBP/USD, and USD/CHF
  • ll Commodity currencies are currency pairs that are closely linked to commodities such as oil, iron ore, and coal. Common examples include AUD/USD and USD/CAD
  • Cross currencies include all currency pairs that don’t include USD. Examples include EUR/GBP and EUR/JPY.

How is cryptocurrency trading different from forex trading?

Cryptocurrency trading shares many similarities to forex trading. Specifically the concepts of currency pairs and high price volatility. That being said there are some key differences. Cryptocurrencies don’t operate like fiat currency and many are tied to a project or product. The crypto market is also highly unregulated, which makes it inherently risky compared to trading forex.

Additionally most cryptocurrency trades happen on exchanges. These are generally unregulated and come with a certain degree of risk that many investors would find unacceptable. One alternative is to trade using a CFD broker which allows crypto pairings, but this means you will not directly own and cryptocurrency you buy.