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USD/CAD Forex Brokers

Written by Naylyan Nazifova
Naylyan Nazifova is a recognised expert in the online trading field. She has many publications and analysis covering forex trading, stock investing and personal finance. 
, | Updated: December 3, 2024

One of the several major currency pairs you can find at any reputable forex broker’s website is the USD/CAD ticker. Quoted to Canadian dollars, this pair shows how many US dollars are required to purchase a single Canadian dollar. Since it is connected to two leading economies, this pair is one of the most commonly traded forex assets, often offering perks that can be linked only to major currency pairs. If you are looking for the best websites to trade USD/CAD, we suggest you check our list of top 10 forex brokers offering the tightest spreads for this major currency pair. Furthermore, we shed light on other vital aspects, including trading USD/CAD with leverage.

1Fusion Markets
Rating: 4.9 ⭐
74-89% of retail CFD accounts lose money
Top Rated
2FP Markets
Rating: 4.7 ⭐
73.85% of retail investor accounts lose money
3Pepperstone
Rating: 4.6 ⭐
75.5% of retail investor accounts lose money
4IC Markets
Rating: 4.5 ⭐
70.64% of retail investor accounts lose money
5AvaTrade
Rating: 4.4 ⭐
76% of retail investor accounts lose money
6Markets.com
Rating: 4.4 ⭐
74.2% of retail investor accounts lose money
7FxPro
Rating: 4.0 ⭐
74% of retail investor accounts lose money
8Admirals
Rating: 3.9 ⭐
73% of retail investor accounts lose money
9FXCM
Rating: 3.9 ⭐
70% of retail investor accounts lose money
10XM Group
Rating: 2.9 ⭐
72.82% of retail investor accounts lose money

Comprehensive Comparison of the Top 10 USD/CAD Forex Brokers

Forex BrokerUSD/CAD SpreadUSD/CAD CommissionsNumber of FX pairs to tradeTrust Pilot Rating
1. Fusion Markets0.14$0 Classic Account, $4.50 round turn on Zero Account90+4.9 ⭐
2. IC Markets 0.8$0 Standard MT; $6 round turn on Raw cTrader; $7 round turn on Raw MT614.5 ⭐
3. FxPro0.86$0 on Standard Account; $3.5 per side on Raw+ and Elite Accounts70+4.0 ⭐
4. Admirals1.1$3 per lot823.9 ⭐
5. FP Markets1.5$0 Standard Account; $6 round turn on Pro Account70+4.7 ⭐
6. Markets.com1.5$0544.4 ⭐
7. AvaTrade1.8$0534.4 ⭐
8. Oanda1.9$3.50 on Zero Accounts50+4.1 ⭐
9. FXCM2.2$040+3.9 ⭐
10. XM Group2.4$0 Ultra Low Micro and Ultra Low Standard Accounts; $3.50 per side XM Zero Account50+2.9 ⭐

Top 10 Brokers Offering the Lowest Spread for EUR/USD

  1. Admiral Markets joined the trading market in 2001, catering to the preferences of different types of investors. Markets covered by the broker include forex, indices, commodities, stocks, and more. As for those who wish to trade the USD/CAD currency pair, the broker offers CFDs on 80 different currency pairs. The financial services offered by Admiral Markets are always processed with extreme care, ensuring the safety of traders. The operations of the brand have been authorized by CySEC, ASIC, JSC, and FSCA.

    If you are looking for the lowest spread on USD/CAD, you will definitely enjoy some of the best value for your trades at Admiral Markets. With an average spread of 1.3, the broker allows traders less costly investments and potentially bigger returns while trading the currency pair.

    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.
  2. You can definitely trust FXPro whenever it comes to forex trading, with this broker offering some of the best trading conditions investors can enjoy. Since its inception in 2006, the brand has grown exponentially, catering to traders from all over the world. Thanks to permits issued by regulatory bodies like CySEC and FSCA, this broker makes sure that any trader will be able to enjoy secure trading experiences online.

    Among the various markets covered by FXPro, there are also CFDs on more than 70 currency pairs, including the popular USD/CAD ticker. The reason we believe FXPro deserves its spot on our list of top brokers is the competitively low spread of 1.7 for this major currency pair. In addition to that, traders can get a better value for their trades with extremely low commission rates and great pricing on various other major, minor, and exotic 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.
  3. Another reputable broker that we suggest you join if you wish to trade USD/CAD and reduce your trading costs is AvaTrade. Founded in 2006, this broker strives to offer the best trading conditions to its customers, allowing them to trade indices, commodities, forex, stocks, and options. Allowing traders to choose from several popular trading platforms, AvaTrade ensures seamless trading sessions, with regulators like CySEC, ASIC, ISA, and FFAJ monitoring the services offered by the broker.

    If you wish to trade USD/CAD, you will be glad to know that you can enjoy some of the tightest spreads while trading the currency pair at AvaTrade. Meanwhile, you will have the chance to trade an additional 54 currency pairs, including major, exotic, and minor currency tickers. The spread for USD/CAD can be as low as 1.8 pips, offering traders less costly trading sessions.

    CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 76% 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.
  4. Fusion Markets is a leading brand in the forex trading sector, having its start in 2017. Since its inception, the broker has managed to become one of the best websites for trading forex and CFDs, with assets covered by Fusion Markets including currency pairs, stocks, metals, indices, crypto, soft and energy commodities. One of the most impressive things we can say about this brand is that forex traders will be presented with over 200 currency pairs to trade, with USD/CAD being one of the major options covered by the broker.

    The operations of Fusion Markets have been authorized by major regulators like ASIC, FSA, and VFSC. These make sure that members of the brand can trade their funds in a fair and secure environment. As for the cost of trading USD/CAD, Fusion Markets has made sure to offer one of the lowest spreads online, allowing you to trade the currency pair with a spread of 0.14 pips.

    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.
  5. FP Markets is a great broker option, suitable for both beginners and experienced traders. With multiple resources, popular trading platforms, and a wide range of trading assets, this broker offers one of the best trading experiences you can enjoy online. The company was founded in 2005, which means it has accumulated quite a few years of experience in the trading industry. The extensive experience combined with authorizations from regulators like ASIC and CySEC ensures that FP Markets will always offer secure and fair trading to its clients.

    The currency pair coverage of the brand is more than satisfying, allowing traders to invest and trade more than 60 pairs, including the major currency ticker USD/CAD. When it comes to spreads, FP Markets offers competitive values that may start from 0.0 pips, with the average spread for USD/CAD for standard account holders being 1.5. Meanwhile, those who have opened raw accounts will further reduce the spread to an average of 0.4 pips.

    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.
  6. It is easy to trust a brand like Markets.com, with this broker being active since 2008. In addition to proving to be one of the more experienced trading websites online, Markets.com also boasts great security thanks to watchdogs like FCA, ASIC, and CySEC regulating the operations of the brand. Members of Markets.com will have the chance to trade a wide range of CFD assets, including forex, shares, commodities, indices, and more. Some of the most popular platforms will be at traders’ disposal, allowing them easy order placement and seamless market evaluation.

    Currency pairs include a total of 56 options, with the major currency ticker USD/CAD being one of them. As for the value of one’s trades, spreads are extremely competitive, allowing traders to invest in USD/CAD with a spread of 1.70 pips. Add low commission rates to the mix, and you get one of the best websites for forex traders online.

    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.
  7. Oanda is a trading company that started its business back in 1999, making it one of the most well-experienced names in this industry. This means that you can trust the broker with your investments and trades, with watchdogs like CFTC, IIROC, FCA, ASIC, and more also making sure that the company is operating following strict trading regulations. Oanda offers its clients a multi-asset trading experience, with markets like forex, commodities, indices, and crypto being just a few of the assets you can trade with Oanda.

    Forex traders will find the USD/CAD pair in the list of major currency tickers available to clients of the broker. Meanwhile, traders will also have an additional 57 currency pairs to choose from, with competitively low spreads offered for all of them. The spread offered for the USD/CAD pair is around 1.8, giving investors a pretty good value for their trades.

    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.
  8. 8. FXCM

    You can always trust FXCM when it comes to forex trading, especially trading major currency pairs like USD/CAD. The brand started its business in 1999, giving it enough experience in the trading sector. The broker offers its clients the chance to trade forex, shares, cryptocurrencies, futures, metals, indices, and spot energy commodities. When trading with FXCM, you can be certain the experience is going to be smooth, easy, and secure. Major regulators like FCA, CySEC, ASIC, ISA, FCCA, and IIROC monitor the operations of FXCM, ensuring fair and secure trading for clients of the broker.

    Forex traders can choose from over 40 currency pairs, with USD/CAD being one of its major tickers that enjoy the highest trading volumes. Low spreads and high leverage are definitely some of the perks you can enjoy as a member of FXCM. The average spread for the USD/CAD pair is about 0.4 pips, making the broker one of the best places for trading the major currency ticker.

    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. 
  9. IC Markets is a reputable broker brand that will allow its customers to trade more than 2,250 instruments, with trading assets including forex, commodities, indices, stocks, bonds, crypto, and futures. The company launched its financial service operations in 2007, with a team of trading experts making sure that the broker can meet the preferences of any type of trader. The broker has been authorized to operate by top-tier regulators like CySEC and ASIC. Some of the most popular trading platforms will be available for your forex trading sessions, allowing you to trade 75 different currency pairs.

    If the major USD/CAD currency pair is the asset you would like to trade, you will be glad to know that this broker offers some of the most competitive commission rates and the tightest spreads on popular currency pairs. For raw accounts, the spread starts at 0.0 pips, while standard account holders will be able to trade the major currency pair with a spread of 0.8 pips.

    CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 70.64% 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. Founded in 2009, XM is a wonderful forex broker you can trust any time you are looking for the best trading conditions. Clients of the broker will be allowed to trade across seven different asset classes, choose from 10 trading platforms, and trade more than 1,000 instruments. With over 50 currency pairs to trade, XM members can also trade USD/CAD with a spread as low as 1.6 and even 0.0 for those who have qualified for XM Zero accounts.

    Not only does XM offer some of the best forex trading conditions online but it also makes sure that it provides a safe trading environment to all of its customers. The operations of the brand have been authorized by regulators like CySEC, ASIC, and IFSC, further guaranteeing the quality of XM’s services.

    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.

USD/CAD Forex Brokers Ranked by Trustpilot Score

About the USD/CAD Currency Pair

If you are not familiar with currency pairs, we would like to start with definitions like base currency and quote currency. In this particular ticker, the USD is the base currency, indicating the amount of US dollars required for obtaining the quote currency, which is the Canadian dollar in this pair. Although many consider the USD/CAD as a major currency pair, it is also commonly referred to as a commodity pair.

The CAD is often called a commodity currency as it is commonly used in the natural resource extraction and distribution sector. Often, the trading volume of USD/CAD may surpass the trading activity for other major currency pairs, with various factors affecting the demand for either of the two major currencies. With the Federal Reserve (Fed) and the Bank of Canada (BoC) determining the interest rates in the two leading North American countries, the difference between the two interest rates will also affect the value of the major currency pairs.

What is Spread in Forex Trading?

You may often hear that major currency tickers like the USD/CAD offer tighter spreads, which is extremely beneficial for forex traders. If you need help understanding this term and its meaning, we will help you with a very simple explanation. Whenever you trade a currency pair, you will have a buy (bid) and sell (ask) price. The difference between the two values expresses the spread. Brokers tend to determine the spread, which in a way, can be considered as the surcharge you may be paying to trade the currency pair. The lower (tighter) the spread, the better value traders can enjoy.

In the case of the USD/CAD ticker, the spread change can be seen in the fourth decimal place of the buy and sell price values. For instance, if you trade this major currency pair and you have a bid price of 1.3685⁹ and an ask price of 1.3688⁴, the spread will be 2.5 (8.4 – 5.9 = 2.5).

What is the Lowest Spread for USD/CAD?

The spread you can enjoy while trading USD/CAD depends on the broker you have joined. That said, this being a major currency pair, means that it enjoys higher trading activity. That often leads to significantly lower spreads, with broker brands competing to offer traders the best value for their trades of USD/CAD.

While these rates may differ with the currency pair’s constantly changing value, the spread may range anywhere between 0.3 and 2.9. However, it is not unusual to see the pair trading with a significantly higher spread of 8.9 or even wider. Nevertheless, many brokers also often give their customers the opportunity to open professional trading accounts, with spreads starting as low as 0 pips. Of course, such accounts require significantly higher trading volumes but can be very generous toward traders who prefer making bigger investments.

How Long are USD/CAD Markets Open?

The forex market is active 24 hours a day, Monday through Friday. That being said, certain currency pairs, including the USD/CAD, see an increase in trading volumes during specific hours of the day. While this may depend on the hours when particular markets open, there might be specific news that triggers the increased demand, which in turn, expands the USD/CAD trading volume.

The best time to trade the USD/CAD pair is considered to be the time of the day while the US trading session lasts. In fact, most traders believe the best time to trade the currency pair is when the US and London trading sessions coincide with each other, which happens between 8:00 AM and 12:00 PM (EST). Major news in the USA and Canada is typically released between 8:30 AM and 9:30 AM (EST), which can also indicate that those hours will enjoy higher trading volumes for the USD/CAD pair.

Trading USD/CAD with Leverage

As already mentioned, USD/CAD is one of the currency pairs that enjoy the highest trading volumes, sometimes surpassing even top-traded currency tickers. Leverage is an important element in forex trading and it is also a key factor in USD/CAD trading, with many traders looking for ways to make use of higher leverage.

There are quite a few advantages of trading this popular currency pair with leverage. Since USD/CAD is often listed as a major currency pair, it typically allows traders to make use of higher leverage. That can quickly increase the returns traders can enjoy while trading the currency pair. It should be noted that trading with high leverage also boosts the risk factor as your losses will also be bigger whenever you make use of bigger leverage while trading USD/CAD.

With this currency pair being one of the most popular trading assets, it can be easily discovered at any reputable forex broker. What is more, brokers strive to offer the most tempting conditions, often allowing lower spreads and competitive commission rates. That said, during specific trading hours, the spreads can expand exponentially, making the pair more suitable mainly during the US trading session. That means traders from regions outside North America may find it difficult to trade the currency pair during its best trading hours.


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Written by N. Nazifova