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Commonly known by traders as the “Loonie” due to the Loon Bird appearing on the One Dollar Canadian Coins, USDCAD is related closely to the price of Oil due to this commodity being Canada’s main export, with Oil traded in USD this therefore means that the value of CAD will strengthen compared to the USD if the price of Oil rises. This currency pair tells traders how many Canadian Dollars are needed to buy one unit of US Dollars.