| Updated: The USD/CAD pair is one of the major currency pairs available at all established forex brokers. Denominated in Canadian dollars, this pair represents how many Canadian dollars are required to purchase one US dollar. Because it is linked to two of the world’s largest economies, USD/CAD ranks among the most actively traded forex instruments, and typically benefits from the tighter spreads and deeper liquidity characteristic of major pairs. The following report evaluates the leading forex brokers that offer competitive spreads for USD/CAD. In addition to spread analysis, we examine regulatory standing, commission structures, platform availability, and leverage parameters to help retail traders make informed decisions.
Plus500 USThis content applies only to Plus500 US and clients from the United States. Trading futures involves the risk of loss.
eToro50% of retail investor accounts lose money
Fusion Markets74-89% of retail's CFD accounts lose money
FP Markets73.85% of retail investor accounts lose money
BlackBull MarketsTrading leveraged products is risky
Eightcap59.57% of retail investor accounts lose money when trading CFDs with this provider.
Pepperstone72.9% of retail investor accounts lose money
Capital.com69% of retail investor accounts lose money when trading CFDs with this provider.
FxPro74% of retail investor accounts lose money
AvaTrade57% of retail investor accounts lose moneyComprehensive Comparison of the Top 10 USD/CAD Forex Brokers
| Forex Broker | USD/CAD Spread | USD/CAD Commissions | Number of FX pairs to trade | Trust Pilot Rating |
|---|---|---|---|---|
| 1. Fusion Markets | 0.93 avg (Classic) | $0 Classic Account, $4.50 round turn on Zero Account | 90+ | 4.8 ⭐ |
| 2. IC Markets | 1.05 | $0 Standard MT; $6 round turn on Raw cTrader; $7 round turn on Raw MT | 62 | 4.8 ⭐ |
| 3. Markets.com | 1.5 | $0 | 54 | 3.8 ⭐ |
| 4. XM Group | 1.5 (min) | $0 Ultra Low Micro and Ultra Low Standard Accounts; $3.50 per side XM Zero Account | 50+ | 2.7 ⭐ |
| 5. FP Markets | 1.65 | $0 Standard Account; $6 round turn on Pro Account | 70+ | 4.9 ⭐ |
| 6. Admirals | 1.7 | $3 per lot | 82 | 3.8 ⭐ |
| 7. AvaTrade | 1.8 | $0 | 50+ | 4.7 ⭐ |
| 8. FxPro | 1.88 | $0 on Standard Account; $3.5 per side on Raw+ and Elite Accounts | 70+ | 3.2 ⭐ |
| 9. Oanda | 2.2 | $3.50 on Zero Accounts | 45+ (68 in the US) | 4.1 ⭐ |
| 10. FXCM | 2.2 | $0 | 40+ | 4.5 ⭐ |
Top 14 Brokers Offering the Lowest Spread for USD/CAD
Established in 2017, Fusion Markets has built a strong presence in the forex and CFD brokerage space. The broker covers over 250 markets spanning currency pairs, equities, metals, indices, cryptocurrencies, and commodities. Notably, Fusion Markets offers access to more than 90 currency pairs, including USD/CAD.
Fusion Markets operates under the regulatory oversight of ASIC, the FSA (Seychelles), and the VFSC (Vanuatu). On the Zero Account, average USD/CAD spreads are approximately 0.15 pips, with a commission of $2.25 per side. The Classic Account carries no commission but applies a 0.9-pip markup relative to the Zero Account, maintaining competitive all-in costs.
Gleneagle Asset Management Limited (ABN 29 103 162 278) trading as Fusion Markets, is the issuer of the Fusion Markets Products described in this communication. Trading in Fusion Markets Products involves the potential for profit as well as the risk of loss which may vastly exceed the amount of your initial deposit and is not suitable for all investors. You should read all of these Financial Product Service Terms, the Product Disclosure Statement (PDS) and the Financial Services Guide (available on our website) carefully, consider your own financial situation, needs and objectives for investing in these Fusion Markets Products and obtain independent financial advice.- 2. FP Markets
Founded in 2005, FP Markets serves both beginning and experienced traders. The broker provides access to over 2,800 tradable instruments across multiple asset classes through platforms including MT4 and MT5. Regulatory authorizations from ASIC and CySEC reinforce the broker’s commitment to client protection and operational transparency.
FP Markets lists more than 60 currency pairs, including USD/CAD. On Raw accounts, spreads may start from 0.0 pips and average approximately 0.65 pips, while the Standard Account carries an average spread of 1.75 pips with no commission.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 72.92% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. BlackBull Markets provides access to over 60 major, minor, and exotic currency pairs, including USD/CAD. The pair can be traded across MT4, MT5, cTrader, and TradingView. The broker also offers its proprietary BlackBull CopyTrader platform for social trading.
BlackBull Markets employs an ECN execution model, routing orders through Equinix data centers. On the Standard Account, USD/CAD carries a spread starting at 0.8 pips with no commission. The ECN Prime Account offers spreads from 0.0 pips alongside a $6 round-trip commission per standard lot. Leverage of up to 1:500 is available on the pair, subject to entity and account type.
Trading foreign exchange on margin carries a high level of risk and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade foreign exchange, you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and, therefore, you should not invest money you cannot afford to lose. You should make yourself aware of all the risks associated with foreign exchange trading and seek advice from an independent financial advisor if you have any questions or concerns as to how a loss would affect your lifestyle.- 4. Admirals
Admirals (formerly Admiral Markets) has operated since 2001 and provides access to over 7,500 tradable instruments across forex, indices, commodities, equities, ETFs, and other asset classes. The broker offers CFDs on approximately 80 currency pairs, including USD/CAD, and holds regulatory authorizations from CySEC, ASIC, the JSC, and the FSCA.
For USD/CAD, the Trade MT4 and MT5 accounts carry minimum spreads from 0.1 pips with average spreads around 1.6 pips. The Zero MT4 and MT5 accounts offer tighter conditions, with minimum spreads of 0.1 pips and average spreads of approximately 1.2 pips.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 73% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. - 5. FxPro
FxPro has been in operation since 2006 and currently serves over 11.2 million clients across 173 jurisdictions. The broker holds regulatory authorizations from CySEC and the FSCA, among other bodies.
FxPro provides CFDs on more than 70 currency pairs, including USD/CAD. The minimum spread for this pair on the Standard Account is 1.7 pips. FxPro Financial Services Ltd. is regulated by the Cyprus Securities and Exchange Commission (license no. 078/07), which imposes a maximum retail leverage cap of 1:30 on major currency pairs.
Trade Responsibly. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 74% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. - 6. AvaTrade
AvaTrade was founded in 2006 and provides access to over 1,200 tradable instruments spanning indices, commodities, forex, equities, and options. The broker operates under the oversight of CySEC, ASIC, the ISA (Israel), and the FFAJ (Japan), among other regulators.
The platform supports over 55 currency pairs, including major, minor, and exotic tickers. The spread for USD/CAD starts from approximately 1.8 pips on a commission-free basis, making it a straightforward cost structure for retail traders.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 57% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. - 7. Markets.com
Markets.com has been active since 2008 and is regulated by the FCA, ASIC, and CySEC. The broker offers CFD trading on forex, shares, commodities, indices, and other asset classes through MT4, MT5, and TradingView.
The currency pair offering includes 54 instruments, with USD/CAD among them. Spreads for USD/CAD are quoted at approximately 1.70 pips on a zero-commission basis.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 74.2% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. - 8. Oanda
OANDA has been in operation since 1996 and is one of the longest-standing names in retail forex. The broker is regulated by the CFTC and NFA (United States), IIROC (Canada), the FCA (United Kingdom), and ASIC (Australia), among others. OANDA provides access to over 1,700 instruments, including forex, commodities, indices, and cryptocurrencies.
The spread for USD/CAD is approximately 1.8 pips on the Standard Account. OANDA also offers Zero-spread accounts with a $3.50 commission structure. The broker lists over 68 currency pairs for U.S.-based clients.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage.72% of retail investor accounts lose money when trading CFDs with OANDA TMS Brokers S.A.You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. - 9. FXCM
FXCM was established in 1999 and offers trading across forex, shares, cryptocurrencies, futures, metals, indices, and spot energy commodities. The broker is regulated by the FCA, CySEC, ASIC, the ISA (Israel), the FSCA (South Africa), and IIROC.
FXCM provides access to over 40 currency pairs, including USD/CAD. The broker offers variable spreads; the average spread for USD/CAD at the time of this publication was approximately 1.70 pips. Leverage of up to 1:1000 is available through the broker’s offshore entity, though retail clients under EU/UK/Australian regulation are subject to lower caps.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 70% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. - 10. XM Group
XM has over a decade of operating history and offers trading across seven asset classes and more than 10 platform options, covering over 1,400 tradable markets. With more than 50 currency pairs, XM members can trade USD/CAD with a spread from 1.6 pips on standard accounts, or from 0.0 pips on XM Zero accounts (subject to commission).
XM is regulated by CySEC, ASIC, and the IFSC, providing multi-jurisdictional regulatory coverage.
Risk Warning: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 72.82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. - 11. Plus500
Plus500 boasts a Forex arsenal of CFDs on over 60 major, minor, and exotic pairs that can be traded through their proprietary trading platform. USD/CAD, often classified as a commodity pair, can be traded with zero commission and a typical spread of 2 pips. Plus500 applies dynamic spreads, which means the spread adjusts according to real-time market bid-ask conditions.
Maximum leverage on USD/CAD varies by jurisdiction. Under the ASIC and CySEC entities, retail leverage is capped at 1:30. Professional traders and clients at the Seychelles entity may access leverage ratios of up to 1:300. Note that professional accounts do not carry ICF (Investor Compensation Fund) protections.
79% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money. - 12. Global Prime
Global Prime covers over 150 markets, including forex, commodities, indices, bonds, and cryptocurrencies. Trading is available through MT4 and MT5, with TradingView integration planned.
On the Standard account, USD/CAD can be traded commission-free with an average spread of 1.25 pips. The Raw account reduces the average spread to 0.35 pips with a $3.50 per-side commission per lot. Retail leverage on USD/CAD is capped at 1:30, while eligible professional clients may access leverage up to 1:500.
Global Prime is a trading name of FMGP Trading Group Pty Ltd (ABN 74 146 086 017) and is regulated by ASIC and licensed to carry on a financial services business in Australia under Australian Financial Services License No. 385620. Gleneagle Securities Pty Limited trading as Global Prime FX, is a registered Vanuatu company (Company Number 40256) and is regulated by the VFSC. The website is owned and operated by FMGP Trading Group Pty Ltd, ABN 74 146 086 017. - 13. ActivTrades
ActivTrades has over two decades of experience (established 2001) and positions itself as a broker emphasizing fast execution, commission-free trading, and narrow spreads. The broker quotes prices for 54 currency pairs, including USD/CAD, where target spreads average 1 pip. Contract sizes range from 0.01 to 100 lots.
Clients onboarding through the Bahamas and Mauritius entities have access to dynamic leverage with maximum ratios of 1:200 and 1:1000, respectively. EU and UK clients may use leverage of up to 1:30 for retail and 1:400 for professional accounts. Trading is available through ActivTrader (desktop, mobile, and tablet), MT4, MT5, and TradingView.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 72% of retail investor accounts lose money when trading CFDs with this provider.You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. - 14. Axi
Axi offers access to over 290 tradable instruments, including more than 70 currency pairs. USD/CAD is available on MT4 and MT5 (platform availability varies by country).
Standard account holders trade USD/CAD with an average spread of 0.8 pips and zero commission. The Pro account charges a $7 round-trip commission but provides spreads starting at 0.0 pips. An Elite account (available outside Europe and Australia) offers a 0.0-pip minimum spread with a reduced round-trip commission of $3.50 per lot.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. The vast majority of retail client accounts lose money when trading in CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
USD/CAD Forex Brokers Ranked by Trustpilot Score
| Forex Broker | Trustpilot Reviews | |
|---|---|---|
| 1. FP Markets | 9,422 | 4.9 ⭐ |
| 2. Fusion Markets | 4,873 | 4.8 ⭐ |
| 3. IC Markets | 48,248 | 4.8 ⭐ |
| 4. AvaTrade | 11,076 | 4.7 ⭐ |
| 5. FXCM | 756 | 4.5 ⭐ |
| 6. Oanda | 1,150 | 4.1 ⭐ |
| 7. Admirals | 2,046 | 3.8 ⭐ |
| 8. Markets.com | 1,236 | 3.8 ⭐ |
| 9. FxPro | 751 | 3.2 ⭐ |
| 10. XM Group | 2,787 | 2.7 ⭐ |
About the USD/CAD Currency Pair
In the USD/CAD pair, the US dollar serves as the base currency and the Canadian dollar as the quote currency. The exchange rate represents the number of Canadian dollars needed to purchase one US dollar.
Commonly known as the “loonie,” USD/CAD is one of the most liquid major pairs, characterized by tight bid-ask spreads and deep market participation. The Canadian dollar is widely regarded as a commodity currency due to Canada’s significant role in natural resource extraction and export. As a result, USD/CAD is strongly influenced by crude oil prices.
Beyond oil, the Canadian dollar also exhibits sensitivity to the prices of natural gas and gold, both of which are major Canadian export commodities. In addition, the pair correlates with North American equity and bond markets, where shifts in risk sentiment or interest rate expectations influence price movements.
The US Federal Reserve (Fed) and the Bank of Canada (BoC) set monetary policy for their respective economies, and the interest rate differential between the two central banks is a primary driver of USD/CAD price action. Key macroeconomic indicators-including GDP, inflation, and employment data-frequently generate volatility in the pair.
Overall, USD/CAD serves as a key barometer of the economic relationship between the two North American economies and remains a core instrument for traders seeking exposure to commodity-linked and interest rate-driven currency dynamics.
What Is the Spread in Forex Trading?
Major currency pairs like USD/CAD tend to offer tighter spreads, which directly reduces transaction costs for traders. The spread is defined as the difference between the bid (sell) price and the ask (buy) price of a currency pair. In practice, the spread functions as the broker’s implicit cost of facilitating the trade. Narrower spreads translate to lower trading costs.
For USD/CAD, the spread is measured at the fourth decimal place (pipette level). For example, if the bid price is 1.36859 and the ask price is 1.36884, the spread equals 2.5 pips (88.4 – 85.9 = 2.5).
What is the Lowest Spread for USD/CAD?
The spread on USD/CAD varies by broker, account type, and prevailing market conditions. As a major currency pair with high trading volumes, USD/CAD generally benefits from competitive pricing across brokers.
Under normal market conditions, USD/CAD spreads typically range between 0.3 and 2.9 pips. However, during periods of elevated volatility or low liquidity, the spread may widen to 8.9 pips or more. Professional and institutional accounts may access spreads starting from 0.0 pips, though these accounts typically require higher minimum balances or trading volumes and carry separate commission structures.
USD/CAD Trading Hours and Optimal Sessions
The forex market operates 24 hours a day, Monday through Friday. USD/CAD volumes are typically highest during the North American trading session.
The overlap between the London and New York sessions-approximately 8:00 AM to 12:00 PM EST-represents the period of peak liquidity and tightest spreads for this pair. Key economic data releases from the United States and Canada are typically scheduled between 8:30 AM and 9:30 AM EST, which can generate increased short-term volatility and volume in USD/CAD.
Trading USD/CAD with Leverage
As one of the most liquid currency pairs, USD/CAD is widely available for leveraged trading through most forex brokers. Because it is classified as a major pair, USD/CAD typically carries higher maximum leverage allowances compared to minor or exotic pairs.
While leverage can amplify returns, it equally magnifies losses. Traders should carefully assess their risk tolerance before employing leverage. Regulatory frameworks impose jurisdiction-specific leverage caps: the EU and Australia limit retail leverage to 1:30 on major pairs, while offshore entities may permit ratios up to 1:500 or higher.
USD/CAD’s status as a high-liquidity major pair means brokers generally offer competitive spreads and commission structures. However, spreads can widen during off-peak hours or periods of market stress, which traders based outside North America should factor into their session planning. For a full list of brokers offering USD/CAD, see our forex broker directory.
It is important to note that maximum retail leverage for trading USD/CAD and other major currency pairs is regulated differently across different regions. In the EU, under ESMA rules, the maximum retail leverage allowed for major pairs is limited to 1:30, while non-major pairs are capped at 1:20. The UK’s FCA and Australia’s ASIC follow similar leverage caps, enforcing the same ratios for retail accounts.
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