Get the latest mid-market rate for USD (US Dollar) / CAD (Canadian Dollar) for Sunday October 4, 2020 right here.
The latest rates for USD (US Dollar) / CAD (Canadian Dollar) are available below. As a leading finance news site the team at Born2Invest collates and analyses the latest Forex Market data to bring you live information to help you make the right forex trading decisions.
Sunday October 4, 2020 1 USD (US Dollar) is worth 1.331255 of CAD (Canadian Dollar) .
Remember to always trade with a reputable broker. It’s also possible to apply forex concepts to cryptocurrency trading.
Forex trading is risky and complicated. There are countless pairs to choose from and it’s easy for a novice trader to become overwhelmed. Information is power and Born2Invest has curated some beginners forex trading tips to help you get started.
Currency pairs are the foundation of forex trading. Whenever you purchase one currency you sell another. Every pair has a base currency, in this example USD (US Dollar) and a quote currency, or CAD (Canadian Dollar).
A currency pair represents how much quote currency, or CAD (Canadian Dollar), that needs to be spent in order to purchase one unit of USD (US Dollar), the base currency. In the current example you would need to spend 1.331255 of CAD (Canadian Dollar) in order to purchase 1 USD (US Dollar).
Forex pairs fall into three categories; the majors, the commodity currencies, and the cross currencies:
Cryptocurrencies share many aspects with forex trading, namely the concept of currency pairs and high volatility but there are some key differences. Cryptocurrencies aren’t currencies persae, and are usually traded against Bitcoin, which takes the role of USD on many exchanges.
It is also difficult to trade cryptocurrency outside of exchanges and there is more security risk than trading with a registered broker. One way around this is to use a CFD broker which enable traders to purchase contractors for specific amounts of crypto, without directly owning it.
Crypto Round-Up, October 5 2020: Crypto market rises despite rough week
Bitcoin remains buoyant, and is now approaching $11k for the third time despite repeated waves of uncertainty crashing over the crypto market.
Last Thursday, U.S. regulators filed charges against the founders of crypto exchange BitMEX, who stand accused of failing to prevent money laundering.
Adding to the uncertainty, Ethereum founder Vitalik Buterin dropped another bombshell, claiming in a developer thread that the blockchain is currently “nearly unusable” for many types of apps, and that scaling solutions won’t be ready for several years.
These events conspired against the market; sending Bitcoin on a brief detour to $10,300, before it bounced on Friday as President Trump tested positive for Covid-19 following a fiery debate with presidential candidate Joe Biden.
eToro has launched a staking service for Cardano and Tron, becoming one of the first exchanges to support the staking of Cardano. This allows holders of supporting cryptocurrencies to earn as they HODL, without any of the hassle and complication of staking individually.
To get rewarded, users can simply buy and hold Cardano and Tron on eToro. They will then automatically receive more of the crypto asset each month, along with an email detailing the aggregated monthly yield and total reward given.
Learn more about staking Cardano and Tron.
Traders have fled the BitMEX exchange as the founders face charges of wrong-doing from U.S. authorities.
Yet while BitMEX is under scrutiny, Binance Coin is feeling the benefit. The native token of the Binance Chain has increased more than 8% over the past week, and is now rapidly approaching $30. This rally puts the coin back in the top five cryptocurrencies as measured by market cap.
Privacy coin Zcash has made double-digit gains this week, as its signature shielded transactions feature garners increased adoption.
Shielded transactions grant selective privacy to senders and recipients, but the feature is not supported by the majority of exchanges due to concerns over regulatory compliance.
Since the Gemini exchange enabled shielded transactions last week, Zcash has seen a surge of transactions protected by the shielding technology. September saw a new record of 18,716 fully shielded transactions, representing 11% of all Zcash transactions.
As DeFi mania fades and the U.S. election comes into focus, we could see Bitcoin take center stage over the next few weeks.
The biggest factor influencing both cryptocurrency and global markets is likely to be President Donald Trump’s illness, which is now threatening to impact the presidential election. Experts give the president a 95% chance of survival, but the uncertainty around his illness could still create volatility.
Nevertheless, with a new record of 70 days above $10K, Bitcoin’s resilience in the face of turmoil bodes well for its ability to weather the coming storm.
Author: By eToro
Despite Uniswap Outpacing Coinbase, What Will Save Its UNI Token?
After a 60% drop from its peak, the UNI token price is facing continued pain despite the success of Uniswap. A recent proposal from the yEarn community may, however, save the falling token.
In September, Uniswap’s trading volume was greater than even Coinbase, taking the DEX to the fourth position in the global exchange rankings.
Nevertheless, much of this rise is attributed to the UNI token launch and the subsequent rush to yield farm the token.
While the protocol’s liquidity is still rising, the daily volume is forming lower highs since its peak on Sept. 17. And as daily volume drops, so too do liquidity providers’ (LPs) returns on trading fees. LPs earning UNI tokens aren’t safe from the drop either.
UNI has broken below the support of its descending triangle at $3.65, indicating further losses for token holders moving ahead.
Lower highs and horizontal support characterize a descending triangle pattern. The distance from the base to the top of the triangle is $3.54.
Currently, the 38.2% Fibonacci retracement level for UNI token from the bottom to the peak is $3.42. If this support breaks, the price will look for support at $2.1.
On the upside, the resistance from the 50% and 61.2% Fibonacci retracement levels are $4.42 and $5.42, respectively.
Franklin, an independent programmer, has proposed to add a Uniswap-based vault to the yEarn Finance platform.
The design will add liquidity to incentivized Uniswap pools, which enable yield farming of UNI tokens. Users can currently earn UNI tokens by mining four pools: ETH-USDC, ETH-USDT, ETH-DAI, and ETH-WBTC.
For example, the vaults will convert UNI to both ETH-USDC, add it to the respective Uniswap pool, mine UNI from it, sell the UNI harvest for more ETH-USDC, and repeat.
Out of 150 voters, 127 of them have voted for the proposal, at press time. Once passed, the strategy could invigorate demand for the UNI token as users pour capital into the new strategy. Whether the strategy will yield a bullish outcome remains to be seen.
All that being said, Uniswaps’ daily trading volume is still outpacing Coinbase by roughly $116 million, according to CoinGecko. Unfortunately, much of this may only be due to the incentivized yield farming scheme.
The real test for Uniswap will come on Nov.17 when these incentives fall away.
The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.
You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.
See full terms and conditions.