US Dollar / Canadian Dollar

USD/CAD Pip Value

Nicknamed 'Loonie', closely tied to oil prices given Canada's energy exports.

USD/CAD — the 'Loonie', after the bird on Canada's dollar coin — is FX's oil trade. Canada is a major crude exporter, so a rising oil price tends to strengthen the Canadian dollar and push USD/CAD down; energy traders watch the correlation daily. The pip size is 0.0001 with the Canadian dollar as quote currency: a standard lot is 10 CAD per pip, which converts to roughly $7–8 at recent exchange rates — not the flat $10 of USD-quoted pairs.

That conversion step (CAD/USD rate, entered in the calculator below) is what most sizing errors on this pair come down to. Beyond oil, the pair is unusual in having both sides' economic calendars land in the same time zone: Canadian CPI and employment often print at 8:30am ET simultaneously with US releases, producing sharp two-sided moves. Bank of Canada decisions and the US–Canada rate differential drive the longer trends, with oil supplying the day-to-day noise.

Base currency
USD
Quote currency
CAD
Pip size
0.0001
Pip value (standard lot)
Depends on the current rate — see calculator
Open in the pip value calculator, pre-filled for USD/CAD

How USD/CAD pip value works

Pip value is the monetary change in a position from a one-pip move in the exchange rate, for a given position size.

pip value (quote currency) = pip size × units traded. USD/CAD uses the standard pip size of 0.0001.

Because the quote currency is CAD (not USD), pip value must be converted at the current CAD/USD rate — enter that rate in the pip value calculator.

Frequently asked questions

What is the pip size for USDCAD?
0.0001 — non-JPY pairs use 0.0001.
What is the pip value for USDCAD?
Pip value depends on the current CAD/USD rate since the quote currency (CAD) isn't USD — use the pip value calculator with today's rate for an exact figure.
What does USDCAD mean?
US Dollar / Canadian Dollar: the base currency is USD and the quote (counter) currency is CAD. The price shows how many CAD it takes to buy 1 USD.
What is USDCAD known for?
Nicknamed 'Loonie', closely tied to oil prices given Canada's energy exports.
How do I size a position on USDCAD?
Use the lot size calculator with your account risk % and stop-loss in pips — it applies this pair's pip size automatically.

More forex pair references

See all forex pair references, or size a trade with the pip value calculator and the forex lot size calculator.

Reference last reviewed 2026-06-01. Pip size and quote/base currency conventions rarely change, but always confirm against your broker's contract specs.