Naylyan NazifovaNaylyan Nazifova is a Financial Research and Platform Testing Analyst at BestBrokers.com, where she reviews and tests online brokers across forex, stocks, investing and personal finance. Her experience in online trading content and broker analysis helps readers understand how platforms perform in practice, from trading tools and fees to ease of use and investor suitability.
| Expert Editor 
Eugene Lee, CFA
Eugene Lee, CFA, is the Head of Research at BestBrokers.com, where he applies more than two decades of experience in global markets, portfolio management, derivatives and fintech analysis to the evaluation of online brokers. His background in institutional investing and quantitative research helps ensure broker reviews are based on data, risk assessment and practical trading conditions. 
| 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.
eToro52% of retail investor accounts lose money
Fusion Markets74-89% of retail's CFD accounts lose money
FP Markets73.33% 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.
Pepperstone73.7% 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 forex, 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). Under ASIC rules, retail leverage is capped at 1:30 on majors like the USD/CAD. Higher leverage of up to 1:500 is available for professional clients and international traders registered under the broker’s offshore entities.
We created live accounts and utilized the MT5 platform to evaluate the broker’s USD/CAD trading conditions. On the Zero account, our reviewers observed USD/CAD spreads of approximately 0.03 pips during testing, 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. This brought our Classic USD/CAD spreads to an average of 0.93 pips over the evaluation period.
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 beginner and experienced traders. The broker provides access to over 2,800 tradable instruments across multiple asset classes through platforms like MT4 and MT5.
Its forex offering includes more than 60 currency pairs, with USD/CAD available among the major pairs. Regulatory authorizations from ASIC and CySEC further support the broker’s focus on client protection and operational transparency.
Our evaluation of FP Markets’ USD/CAD trading conditions began with opening a live Raw account on MT5, with leverage set at 1:500. During hands-on testing, Raw USD/CAD spreads started from 0.0 pips and averaged approximately 0.65 pips. In addition to the spread, we were charged a commission of $3 per lot, per side, when trading USD/CAD. By contrast, the Standard account offers commission-free trading, but carries a higher average USD/CAD spread of 1.75 pips.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 73.33% 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, while the broker also offers its proprietary BlackBull CopyTrader platform for social trading.
BlackBull Markets uses an ECN execution model, routing orders through Equinix data centers and executing trades in under 75 milliseconds. During our live MT5 testing on the Standard account, USD/CAD spreads averaged 0.8 pips, with no commission charged. We also opened an ECN Prime account, which offers spreads from 0.0 pips and a $6 round-trip commission per standard lot.
Leverage of up to 1:500 is available on USD/CAD, making BlackBull Markets a competitive option for traders seeking fast execution, flexible platform access, and both commission-free and raw-spread account structures.
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. We verified that Admirals holds regulatory authorizations from CySEC, ASIC, the JSC, and the FSCA.
For the USD/CAD, spreads averaged around 1.7 pips during our hands-on testing of the Trade MT4 and MT5 accounts, whereas the minimum 0.1-pip spread was observed during peak liquidity windows. The Zero MT4 and MT5 accounts offer tighter conditions. Following the setup of a Zero MT5 account, our team recorded average spreads of approximately 1.2 pips, narrowing to a minimum of 0.1 pips under optimal market conditions. We were charged a commission of $3 per lot, per side.
In the UK, Australia, and Europe, retail leverage is capped at 1:30. Professional USD/CAD traders or users registered with the FSA entity can use leverage of up to 1:500.
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 17.2 million clients across 173 jurisdictions. The broker holds regulatory authorizations from the FCA, CySEC, FSA, SCB, and the FSCA.
FxPro provides CFDs on more than 70 currency pairs, including the USD/CAD. During our live testing of the Standard Account, the pair’s typical spreads stood at 1.88 pips. We also examined the cTrader account, which offers lower USD/CAD spreads of 1.01 pips on average but features a commission of $3.50 per lot, per side.
Since FxPro Financial Services Ltd. is regulated by the Cyprus Securities and Exchange Commission (license no. 078/07), our EU-based testers were limited to retail leverage of up to 1:30 on majors like the USD/CAD. For accounts registered under its offshore divisions, FxPro utilizes a dynamic leverage model. This framework grants unlimited leverage (0.000005% margin) on trading volumes of 1 lot or less, which progressively scales down to 1:50 for volumes exceeding 400 lots.
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. Trading the USD/CAD on the commission-free Standard Account involved fixed spreads of 1.8 pips for our testers. While AvaTrade does offer a lower USD/CAD spread of 1.5 pips via its professional account, accessing it requires meeting strict eligibility criteria as per CySEC and ASIC rules.
Leverage limits on the USD/CAD depend on the location and account type. In Australia and Europe, for example, retail leverage is capped at 1:30, while professionals can use ratios as high as 1:400. Leverage of 1:400 is also available to retail clients trading through the broker’s offshore entities.
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 operates under the supervision of regulators such as the FCA, FSCA, ASIC, and CySEC. The broker offers CFD trading across forex, shares, commodities, indices, and other asset classes, with platform access available through MT4, MT5, and TradingView.
Its forex offering includes 54 currency pairs, with USD/CAD among the available instruments. During our testing of the zero-commission Classic account, we were quoted USD/CAD spreads of approximately 1.5 pips. In line with CySEC, FCA, and ASIC rules, retail clients can trade this pair with leverage of up to 1:30. Higher ratios are available to professional traders and clients registered under the FSCA-regulated entity, where leverage can reach 1:300.
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 operating since 1996 and is one of the longest-standing names in retail forex. The broker is regulated by several major authorities, including the CFTC and NFA in the United States, CIRO in Canada, the FCA in the United Kingdom, ASIC in Australia, and the FSC in the British Virgin Islands. OANDA provides access to more than 1,700 instruments across forex, commodities, indices, and cryptocurrencies. We also noted that the broker lists over 68 spot currency pairs for US-based clients.
During our practical assessment of the spread-only Standard account, we traded USD/CAD with live spreads of approximately 2.2 pips. After switching to the Core Pricing account, USD/CAD spreads dropped to 0.3 pips, although a commission of $3.50 per lot, per side, applied.
OANDA uses a tiered margin model for major pairs such as USD/CAD, offering maximum leverage of 1:200 for net open positions under $2 million. However, this framework applies only to the FSC-regulated branch. In jurisdictions such as the UK, Australia, and the EU, local regulators enforce a maximum retail leverage limit of 1:30.
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. As verified by our team, the broker operates under the supervision of several regulators, including the FCA, CySEC, ASIC, the ISA in Israel, and the FSCA in South Africa. In Canada, the brand is available through Friedberg Direct, a division of CIRO member Friedberg Mercantile Group Ltd.
FXCM provides access to more than 40 currency pairs, including USD/CAD. The broker offers variable spreads for this commodity-linked pair, with our live testing showing average USD/CAD spreads of approximately 2.2 pips. Leverage of up to 1:1,000 is available through FXCM’s offshore entity, while retail clients under EU, UK, and Australian regulation are subject to a lower maximum leverage cap of 1:30.
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, with more than 10 platform options available. The broker covers over 1,400 tradable markets, including 50+ currency pairs.
During our testing of the Ultra Low account, USD/CAD spreads averaged 3.1 pips but dropped as low as 1.5 pips during favorable market conditions. Testing on the Zero account showed typical USD/CAD spreads of 1.3 pips, with a commission of $3.50 per lot, per side.
XM is regulated by several authorities, including CySEC, ASIC, the FSA in Seychelles, and the FSC in Belize, providing multi-jurisdictional regulatory coverage. In regions such as Europe, USD/CAD leverage is capped at 1:30, while the FSA-licensed offshore branch offers leverage of up to 1:1,000 on USD/CAD and other major pairs.
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 offers forex CFDs on more than 60 major, minor, and exotic currency pairs, all available through its proprietary trading platform. The broker uses dynamic spreads, meaning pricing adjusts in line with real-time bid-ask market conditions. After creating a live retail account, we recorded average USD/CAD spreads of 2.0 pips and were not charged any additional commissions.
Maximum leverage on USD/CAD varies by jurisdiction. Under the ASIC and CySEC entities, our testers were limited to leverage of 1:30. Professional account holders and retail clients registered through the Seychelles entity can access higher leverage ratios of up to 1:300. However, professional clients in Europe should note that they are not covered by Investor Compensation Fund (ICF) 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 more than 150 markets, including forex, commodities, indices, bonds, and cryptocurrencies. During our testing of the broker’s USD/CAD trading conditions, we could choose between the MT4 and MT5 platforms.
On the commission-free Standard account, our reviewers traded USD/CAD with an average spread of 1.25 pips. The Raw account reduced the average spread to 0.35 pips, although a commission of $3.50 per lot, per side, applied.
Retail leverage on USD/CAD is capped at 1:30 in Australia in line with ASIC rules, while eligible professional clients may access leverage of up to 1:300. Through the broker’s VFSC-licensed offshore division, retail USD/CAD traders can access leverage of 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
Established in 2001, ActivTrades has more than two decades of industry experience and positions itself as a broker focused on fast execution, commission-free trading, and competitive spreads. The broker quotes prices for 54 currency pairs, including USD/CAD.
Contract sizes for USD/CAD range from 0.01 to 100 lots. During our live account evaluation, average spreads on this pair stood at a competitive 1.0 pip, with no separate commission charged. Our leverage was capped at 1:30 because we registered under the EU entity, while professional account holders can access higher leverage of up to 1:400.
Clients onboarded through ActivTrades’ Bahamas and Mauritius entities can access dynamic leverage, with maximum ratios of up to 1:200 and 1:1,000, respectively. We used MT5 throughout the evaluation process, although MT4, TradingView, and the proprietary ActivTrader platform for desktop, mobile, and tablet are also supported.
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 through MT4 and MT5 outside Axi’s European division, where only MT4 is supported.
During our live assessment of the Standard account, we measured average USD/CAD spreads of 0.8 pips and were not charged any commissions. Switching to the Pro account gave us access to spreads as low as 0.0 pips, although a $7 round-turn commission per lot applied. The Elite account, available outside Europe and Australia, also offers minimum spreads from 0.0 pips, but 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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