What Are Canadian Dollar Futures? 6C Explained
Learn what 6C Canadian Dollar futures are: 100,000-dollar contracts quoted in U.S. dollars per dollar, their $5.00 outright tick, and physical delivery.
Direct answer
Canadian Dollar futures, commonly identified as 6C, are CME CAD/USD contracts with a 100,000-dollar trading unit. They are quoted in U.S. dollars per Canadian dollar. On CME Globex, an ordinary outright minimum movement of 0.00005 USD per dollar equals $5.00 per contract. Consecutive-month Rule 542 spreads use 0.00001, other Rule 542 spreads use 0.00002, and ClearPort submissions use 0.00001. Standard 6C futures use physical delivery rather than cash settlement.
6C names a dated CAD/USD futures agreement, not a spot loonie quote
6C is the product root for CME Canadian Dollar futures. A complete agreement also has a contract month and year, so a value displayed beside 6C is not automatically a current spot quote for the loonie or a perpetual currency holding. It is a labelled observation of a futures contract, and the label determines which rules and delivery process apply.
How to read Canadian Dollar futures quotes shows which fields make an observation usable. Canadian Dollar futures expiration and delivery explains why the named month matters when a contract approaches its exchange process.
The 100,000-dollar 6C unit converts a quoted rate into contract dollars
Chapter 252 sets one standard 6C trading unit at 100,000 Canadian dollars. Because its quotation convention is U.S. dollars per Canadian dollar, a change in the quoted rate changes the U.S.-dollar amount for that stated dollar unit. The contract unit describes the standardized quantity; it is not a claim about an account balance, an amount of collateral, or an appropriate order size.
Futures tick value and contract multipliers walks from the 6C 100,000-dollar unit to the $5.00 outright tick. Futures position sizing treats that contract unit, the number of contracts, and an account's own limits as three separate inputs.
6C consecutive, non-consecutive, and ClearPort increments form three tiers
For an ordinary 6C outright trade on CME Globex, the minimum fluctuation is 0.00005 U.S. dollar per Canadian dollar, or $5.00 per contract. Rule 542 then splits spreads into two tiers: consecutive calendar-month spreads may use 0.00001, or $1.00, while all other intra-currency spreads may use 0.00002, or $2.00. A transaction submitted through CME ClearPort uses a 0.00001 minimum fluctuation, or $1.00 per contract.
Three tiers means extra labelling discipline: an outright, a consecutive-month spread, a non-consecutive spread, and a ClearPort submission are four different market paths. Record the type before calculating a movement or comparing two displayed prices.
Physical delivery gives the named 6C month its operational weight
Canadian Dollar futures are physically delivered under the contract's procedures rather than cash settled to a single index value. The delivery design does not mean an individual account will follow one universal instruction: Chapter 252 also points to Chapter 7, and clearing and broker arrangements matter for an actual open position.
Cash-settled versus physically delivered futures draws the general settlement-design line for currency contracts, but it does not replace the 6C rulebook or account instructions for a named contract.
A workable 6C record separates quotation facts from account facts
Before relying on a 6C number, preserve the root, month-year, U.S.-dollars-per- Canadian-dollar convention, trade or quote type, price field, source, timestamp, session, and data status. Futures contract month codes helps turn a compact 6C symbol into the agreement whose exchange calendar applies.
Margin is collateral, not a substitute for the 100,000-dollar contract unit or a recommendation to open a position. Futures margin versus leverage explains that distinction without inferring an account-specific requirement.
This guide explains standard Canadian Dollar futures mechanics. It does not provide a live CAD/USD price, a foreign-exchange forecast, margin requirement, trade recommendation, or broker delivery instruction. Current CME rules, data terms, clearing procedures, and account documents govern a particular contract.
Common questions
What does 6C mean in futures?
6C is the CME product root for Canadian Dollar, or CAD/USD, futures. Add a contract month and year to identify the particular standardized agreement.
Is 6C quoted in Canadian or U.S. dollars?
6C is quoted in U.S. dollars per Canadian dollar. Its standard trading unit is 100,000 Canadian dollars, so both the unit and quotation convention are needed to interpret a rate.
What is the ordinary 6C tick value?
The ordinary CME Globex outright minimum movement is 0.00005 U.S. dollar per Canadian dollar, equal to $5.00 per standard 6C contract.
Why can a 6C spread show a smaller increment?
Consecutive calendar-month Rule 542 spreads may use 0.00001, about $1.00, and all other Rule 542 spreads may use 0.00002, about $2.00. Neither exception replaces the ordinary outright increment.
Are Canadian Dollar futures cash settled?
No. Standard Canadian Dollar futures use physical delivery under their contract and delivery procedures. Current clearing and broker documents determine the handling of a particular open position.