The USD/CAD is the abbreviation for the US dollar versus the Canadian dollar currency pair. The USD/CAD pair tells the reader how many CAD needed to purchase 1 USD. The USD/CAD pair is amongst popular currencies pairs to trade in the foreign exchange market.
The USD dates back to 1792, when the US dollar was created by the United States Congress as the official country's currency. It serves as legal tender in many countries and it is the world's unofficial reserve currency.
The Canadian dollar began in the early 1850s with its departure from the colonial pound and transitioned to a decimalised Canadian dollar. It is usually referred to as the Loonie. The Canadian dollar used to be pegged to the USD but since 1970, it has been a free floating currency controlled by the Bank of Canada.
