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What is the mid-market rate of USD (US Dollar) / CAD (Canadian Dollar) on Friday May 29, 2020

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Get the latest mid-market rate for USD (US Dollar) / CAD (Canadian Dollar) for Friday May 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 right forex trading decisions. 

Friday May 29, 2020 1 USD (US Dollar) is worth 1.37499 of CAD (Canadian Dollar) 

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

Forex pairs explained

Forex trading is risky and complicated. There are countless pairs to choose from and it’s easy for a novice trader to become overwhelmed. Information is power and Born2Invest has curated some beginners forex trading tips to help you get started.

Currency pairs are the foundation of forex trading. Whenever you purchase one currency you sell another. Every pair has a base currency, in this example USD (US Dollar) and a quote currency, or CAD (Canadian Dollar).

A currency pair represents how much quote currency, or CAD (Canadian Dollar), that needs to be spent in order to purchase one unit of USD (US Dollar), the base currency. In the current example you would need to spend 1.37499 of CAD (Canadian Dollar) in order to purchase 1 USD (US Dollar).

Forex pairs fall into three categories

Forex pairs fall into three categories; the majors, the commodity currencies, and the cross currencies:

  • Major currencies represent the most commonly traded currencies on the market. Different brokers will use different criteria, but almost all lists will include EUR/USD, USD/JPY, GBP/USD, and USD/CHF
  • Commodity currencies are currency pairs whose price is closely tied to commodities such as oil, iron ore, and coal. Commonly cited examples are AUD/USD and USD/CAD
  • Cross currencies are all currency pairs that don’t include USD. Examples include EUR/GBP and EUR/JPY.

Is cryptocurrency trading the same as forex trading?

While cryptocurrency trading shares many similarities to forex trading there are some key differences. Yes both markets are volatile and have the idea of “pairs” but cryptocurrencies are broadly unregulated and fall into a larger number of categories. The crypto market is complicated and very difficult for a novice investor to navigate.

To make matters more confusing most cryptocurrency trades take place on exchanges. These are typically unregulated and come with a higher degree of risk than using a broker. Many traders opt to use a CFD broker with crypto pairings.