MacroMicro

CAD ×

Related Product
The US ETFs 1 month 3 month Year to date
Guggenheim CurrencyShares Canadian Dollar Trust ETF -2.21% 2.08% 3.18%

Save MM CAD Fundamental Index

MMFI for the Canadian Dollar is an integral index created by MacroMicro for Canadian dollar fundamentals. When it goes up, the fundamentals of CAD is looking good.

Canada is an immigration economy like Australia. Both of the countries are big exporters of raw materials, too. Canada exports crude oil, especially to the US, so the international oil price predominates Canadian dollar's movement. The Central Bank also has control over its currency.

*Upward movement suggests CAD appreciation in this chart.

Share LINE
Latest Stats
  • MM CAD Fundamental Index
    2021 W25
    3.68
  • USD/CAD (Y-axis Inverted, R)
    2021-06-24
    1.23
Source
Feedback

Save International Trade

The US is the major trade partner with Canada. Imports from the US account for 51.33% of Canada's overall imports; exports to the US account for 75.86% of Canada's overall exports. Main exports to the US are fuel, metal and minerals, forestry and vehicles, all accounting for 62.59% of overall exports and 19.4% of Canada's GDP. Fuel alone accounts for 18.76% of exports. So the US economy and international crude oil price lay impacts on Canada's trade.

As the number of immigrants surges, imports of household merchandise grows double. Strong demand for imports of fuel and household merch has led to a trade deficit since 2010.

Share LINE
Latest Stats
  • Exports (SA, YoY, L)
    2021-03
    14.41%
  • Imports (SA, YoY, L)
    2021-03
    6.27%
  • Trade Balance (SA, R)
    2021-03
    -1,140.20m
Source
Feedback

Save Gold Price vs. USD/CAD

The mining sector is the driving force behind Canada's exports and economy. Exports of minerals reach nearly 88.6 billion C$, accounting for 18.9% of overall exports and 3% of net GDP.

5 top exports of minerals are gold (20.78%), iron and steel (14.51%), aluminum (12.05%), copper (6.89%) and other metals (6.79%). Although Canada is not a significant holder or producer among all countries, it has a correlation coefficient of 0.66.

Share LINE
Latest Stats
  • USD/CAD (Y-axis, L)
    2021-06-24
    1.23
  • NYMEX Gold Futures Price (R)
    2021-06-24
    1,781.15
Source
Feedback

Save Copper Price vs. USD/CAD

The mining sector is the driving force behind Canada's exports and economy. Exports of minerals reach nearly 88.6 billion C$, accounting for 18.9% of overall exports and 3% of net GDP.

5 top exports of minerals are gold (20.78%), iron and steel (14.51%), aluminum (12.05%), copper (6.89%) and other metals (6.79%). Copper price represents the global economic conditions and the fundamental demand across the world, so the currency of any exporter of natural resources has a positive correlation with copper and a correlation coefficient of 0.77.

Share LINE
Latest Stats
  • USD/CAD (Y-axis, L)
    2021-06-24
    1.23
  • NYMEX Copper Futures Price (R)
    2021-06-24
    4.30
Feedback

Save USA and Canada Bond Yield Spread

The US and Canada have close economic ties. Spread between their 10-year bond yield represents the movement of USD/CAD. Bond yield spread and Canadian dollars developed a correlation coefficient of 0.9 since 2010.

When a rate hike is expected in the US, spread widens. Funds flow into the USA and CAD will weaken. Vice versa.

Share LINE
Latest Stats
  • USA & Canada 10-year Bond Yield Spread (L)
    0.00
  • USD/CAD (R)
    2021-06-24
    1.23
Feedback

Save WTI and WCS Oil Price Difference

West Texas Intermediate (WTI) light sweet crude oil futures price is the benchmark oil price with 39.6 API Gravity. Western Canadian Select (WCS) is lower quality sulfur-containing crude oil with 20.3 API Gravity.

The price difference between WTI and WCS is the indicator for whether or not the US refinery to increase crude imports from Canada. Spread narrows down when imports increase.

Share LINE
Latest Stats
  • WTI and WCS Price Difference
    2021-06-23
    14.45
  • USD/CAD (Y-axis Invert, R)
    2021-06-24
    1.23
Feedback

Save Crack Spread vs. USD/CAD

3 barrels of WTI crude oil produce 2 barrels of reformulated gasoline blend-stock for oxygen blending (RBOB) and 1 barrel of heating oil.
Crack spread = 2 * price of RBOB + price of HO - 3 * WTI futures price

Crack spread usually leads crude oil price by 1 month. Canadian dollar movement's connected with oil price movement, so crack spread serves as an indicator for short-term Canadian dollar movement, too.

Crack spread goes up when demand for gas or HO rises in the winter. Refinery buys more crude oil because price and market demand are high, which pushes international crude oil price up.

Crack spread, on the other hand, goes down when stocks of gas or heating oil build up in the summer. Demand for crude oil and international crude oil price fall accordingly.

Share LINE
Latest Stats
  • Crack Spread (L)
    2021-06-24
    61.10
  • USD/CAD (Y-axis Invert, R)
    2021-06-24
    1.23
Feedback

Save Canada Population

Canada has the fourth highest population growth among all developed countries. The top 3 are Australia, New Zealand and Iceland. Quality living conditions and welcoming immigration policies have attracted a massive amount of immigrants. Immigrants account for nearly 22% of the total population in Canada and are the biggest component of the labor market.

According to OECD, Canada's population will continue growing. Consumption and demand for housing will continue growing, too, thanks to huge domestic demand.

Share LINE
Latest Stats
  • 15 to 64 Years Old (%, L)
    2100
    56.38%
  • 15 Years Old and Under (%, L)
    2100
    14.60%
  • 65 Years Old and Above (%, L)
    2100
    29.02%
  • Canada Total Population (Thousands, R)
    2100
    56,953.22k
Source
Feedback

  • Copyright © 2021 MacroMicro

    This Web site, including but not limited to text, data, content, photographs, video, audio and graphics, and goods (the “Service”), is provided for information purposes only and is not intended for trading purposes. MacroMicro cannot and do not warrant the accuracy, completeness or timeliness of the content, documents, data, materials, web site pages available through any service, neither MacroMicro nor any of its affiliates agent shall be liable to you or anyone else for any loss or injury caused in whole

    The content available through each Service is the property of MacroMicro and is protected by copyright and other intellectual property laws. Failure to provide explicit citation may result in being charged with plagiarism.

    繁體中文 简体中文 English