USD/CAD is the amount of CAD exchanged for one USD. The US dollar is issued by the United States; Federal Reserve policy, US economic conditions and its role in global trade and finance shape demand.
Comparing charts on this board
Compare USD/CAD with USD/JPY, USD/CHF and EUR/USD to distinguish broad US-dollar moves from Canadian-dollar strength. Rising USD/CAD means a stronger US dollar against the Canadian dollar. EUR/USD places the dollar on the other side, so dollar strength points in the opposite direction.
Add WTI crude and US–Canadian monetary-policy developments to examine energy prices and interest-rate differences. When rising oil coincides with falling USD/CAD, inspect Canadian-dollar strength; simultaneous moves across dollar pairs direct attention to US-dollar drivers.
Related charts: USD / JPY · USD / CHF · EUR / USD · WTI Oil Perp
Official references: Bank of Canada: exchange rates