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.

Is USD/CAD now net-long?

USD/CAD IG Client Sentiment: Our data shows traders are now net-long USD/CAD for the first time since Apr 20, 2023 when USD/CAD traded near 1.35. USD/CAD is now lower on the week despite a 10% drop in oil prices USD/CAD Price Analysis: Bears eye a run to 1.3320 as below key H4 structure

What is a USDCAD spot exchange rate?

The USDCAD spot exchange rate specifies how much one currency, the USD, is currently worth in terms of the other, the CAD. While the USDCAD spot exchange rate is quoted and exchanged in the same day, the USDCAD forward rate is quoted today but for delivery and payment on a specific future date.