The Canadian Dollar is the official currency of Canada, abbreviated as CAD in forex markets. It is one of the world's major reserve currencies and is heavily influenced by commodity prices, particularly crude oil, earning it the nickname 'Loonie' after the loon bird on the one-dollar coin. The USD/CAD pair is one of the most liquid in forex, and traders frequently monitor Bank of Canada rate decisions and oil price movements for trading signals.
Example
“The Loonie strengthened against the greenback as crude oil prices surged above $80 per barrel.”