Best AI for Forex Trading in Canada

OANDA is my top pick for Canada after scoring 91/100 in my tests, thanks to competitive spreads (1.5 pips on EUR/USD) and excellent AI trading tools.

OANDA has a range of trading platforms ideal for AI trading including TradingView (auto trend line tools) and MT4’s Expert Advisors for automated trading.

Autochartist is my favourite tool as you can automate finding trading opportunities using candlesticks and chart patterns. This capability makes it easy to analyse multiple markets at once, thus improving your trading efficiency.

Multiple Platforms for AI Automation

OANDA allows you to choose between MT4, TradingView and OANDA Trade Forex platforms. Of these, AI tools are available with the first two – MT4 and TradingView.

MetaTrader 4 is the older platform but allows you to utilise AI through Expert Advisors (EAs) to automate your trading strategies. EAs are trading bots that can do 100% of the trading for you from finding the signals and executing your trade to risk management.

TradingView doesn’t offer 100% automated trading like MT4, but it does use AI-driven tools. One such tool is the auto-trend indicator, which plots key price points (support and resistance levels) in any timeframe. I find this a valuable tool to find breakouts as you can flick between charts to scan for opportunities instead of manually plotting them each time.

AI-Driven Technical Analysis

OANDA offers plenty of trading tools when you open an account with them, of these, I find Autochartist very useful.

Autochartist, which is available with both MT4 and TradingView, uses AI to find automated technical analysis signals to detect chart patterns. These chart patterns include flags, double tops, Japanese candlesticks (pin bars, etc.), and Fibonacci patterns.

If you don’t filter the settings, I found that you can end up with 30+ signals per day, which is decent for day trading but may encourage over-trading for beginners. AI allows me to reduce these signals by specifying the signals I wish to get based on specific patterns, markets, and confidence ratings (65-85%).

Low Spreads With Standard Account

OANDA’s Standard account provides competitive spreads averaging 1.50 pips on EUR/USD with zero commissions. I found this to be cheaper than other CIRO-regulated brokers I have used.

Further reductions in your trading costs can be achieved through cash rebates with OANDA’s Elite Trader Program. Rebates of up to CAD$ 1.70/lot traded, with increased rebates the more you trade.

I found BlackBull Markets had the fastest execution speeds (sub 90ms) and lowest spreads (0.1 pips with ECN Prime Account) while charging the lowest commissions ($3.00/lot). Being based outside Canada, BlackBull can be more competitive than the CIRO-regulated brokers on this list.

These favourable trading conditions are why I gave BlackBull a score of 95/100 in my review. Other features I like include their offering of multiple copy trading tools like Myfxbook, ZuluTrade, and BlackBull Copy Trader along with MT4, MT5,TradingView and cTrader platforms.

If you’re looking to take on more risk (or have smaller funds), BlackBull Markets has 1:500 leverage, which is 10 times larger than most brokers on the list.

AI Copy Trading Tools For Hands-free Investing

With BlackBull Markets, you can set up your account to use multiple copy trading tools, which include:

• BlackBull Copy Trader
• Myfxbook AutoTrade
• ZuluTrade

All these copy trading tools are similar, but I find Myfxbook’s stands out for the detailed current and previous trading history of signal providers they provide. For me, these details helps me better analyse potential traders to follow and find the right provider for my trading style.

Another stand-out feature is that Myfxbook’s AutoTrade have strict eligibility criteria for potential signal providers. Only providers with a strong record of profitability can offer signal services on their platform, making it easier for me to find quality providers to copy.

Fastest Execution Speeds (Tested)

My analyst, Ross Collins, tested 36 forex brokers and captured the average limit and market order execution speeds over a 24-hour period to find which broker has the best trading conditions.

From his findings, BlackBull Markets had the fastest overall speeds, recording a limit order average of 72 ms and a market order average of 90 ms.

This made the broker’s limit orders 49% and market orders 39% faster than the industry average, providing the best execution conditions and reducing slippage (saving you unexpected trading costs).

Highest Leverage For Canadian Traders

BlackBull Markets offers 1:500 leverage, 10 times higher than the 1:50 CIRO-regulated brokers can offer.

The reason BlackBull Markets can offer this is because they are not regulated by CIRO but by the New Zealand Financial Markets Authority (FMA). FMA unlike CIRO permits leverage up to 1:500. BlackBull Markets also includes negative balance protection.

Having higher leverage is an advantage as it allows you to scale profitable trading strategies without a large deposit. While the lower leverage permitted by CIRO is still good, as an experienced trader, having more leverage is useful.

I chose Eightcap for their low spreads and 95+ crypto markets, including Bitcoin and altcoins like PEPE. Overall I gave Eightcap a score of 96/100 – other top features include MT4, TradingView and spread from 0 pips with their RAW account.

Eightcaps AI economic calendar uses sentiment analysis to forecast key data releases and highlight affected markets. With over 500+ instruments on offer, this calendar helps keep me updated on events that can impact my trades.

I also like that Eightcap offers Capitalise.ai. This tool allows you to write your automation scripts in plain English and uses AI to convert them to code.

AI-Powered Economic Calendar

One feature I find especially useful is Eightcap’s AI-driven economic calendar. Powered by Acuity’s AI, it transforms macroeconomic data into actionable insights, highlighting upcoming events that could impact the markets you trade.

The tool also analyzes sentiment around past and expected releases, identifying which assets are likely to move. This helps you quickly build a market bias and spot higher-probability trades by following the trend.

No-code Automations With MT5

Capitalise.ai is my favourite no-code automation tool. You simply type your trading instructions in plain English, and the AI builds a complete strategy – including risk management. For example, you can write: “Buy BTC/USD when RSI is below 20 and price is below the 50 moving average,” and it will automate it for you.

With Capitalise.ai, you can either create your own rules or copy strategies built by other Capitalise.ai users. When you’re ready, Eightcap lets you launch the strategy directly through MT4 or MT5.

Trade 95+ Cryptocurrencies

Eightcap has the largest collection of CFD cryptocurrencies for Canadian traders with 95+ markets including Bitcoin, Ethereum, and altcoins like PEPE. Trading of CFD cryptos is not available to CIRO-regulated brokers.

I’m a fan of this as the broker lets you take advantage of the higher risk assets (like crypto) while providing more liquid markets like gold, forex, and share CFDs.

I included AvaTrade for its fixed spreads, which offer price stability in normal market conditions. Their spreads are generally competitive – EUR/USD, for example, is just 0.90 pips, which is lower than Standard accounts for many brokers. However, less liquid markets can be pricier, and spreads may widen during volatility.

With access to 900+ markets, AvaTrade is a solid choice for day traders. They support multiple platforms, including AvaOptions for options trading and MetaTrader 4/5 for automation.

Fixed Spreads Trading Account

One of the standout features for AvaTrade is its fixed spreads trading account. Stable spreads mean your spreads don’t change except in highly volatile trading periods. As a day trader, these are the types of spreads you want as they are predictable.

Competing brokers like Forex.com and BlackBull Markets have variable spreads, which can see such spreads change dramatically in volatile conditions. So while RAW spread (or ECN style) trading conditions are generally cheaper, AvaTrade can save you money depending on your trading strategy.

I am impressed with AvaTrade’s fixed spreads for EUR/USD at 0.90 pips because it’s more competitive than some of the other Canadian brokers I’ve tested.

For example, Forex.com’s spreads average 1.20 pips (which are variable spreads and average for the Canadian brokers), saving you 33%.

Automate Trading with MT4

AvaTrade offers MetaTrader 4, Metatrader 5 and AvatradeGo. The first two are top platforms for manual technical analysis while the latter is designed for options trading.

MT4 and MT5 offer 30+ technical indicators including Ichimoku clouds, Pivot Points, and RSI indicators. The latter (MT5) however has more technical analysis tools with 21 timeframes (vs 21), graphical objects (44 vs 31) and technical indicators (38 vs 30).

With AvaTrade’s fixed spreads both platforms are a good choice but I lean to MT4 for automated trading as it has a larger MT4 Marketplace. This marketplace means more choice of scripts you can use to automate your trading.

This also allows you to enter trades during volatile periods, potentially capturing more profits instead of skipping trading opportunities due to the wider spreads like on variable spread brokers.

Fixed Trading Costs on 900+ Markets

Considering AvaTrade is one of the only brokers to have fixed spreads in Canada, their range of markets is impressive. I found them to host 900+ markets that have fixed trading costs, allowing you to day trade their full range of markets.

After using the broker’s platform, you can trade:

• 55 forex pairs (mainly major and minor pairs)
• 750+ share CFDs (mainly US stocks like Amazon)
• 17 commodities ranging from oil to metals like
• silver and gold
• 33 indices, including NASDAQ and S&P 500

FOREX.com scored a solid 84/100 in my broker tests, thanks in part to smart AI tools like TradingView integration and Performance Analytics. These features make it easier for traders to analyze the markets and improve performance over time.

It also stands out for its platform variety, supporting MT4, MT5, and its own proprietary system. With access to over 350 markets including 80+ forex pairs (the best range in Canada) Forex.com caters well to diverse trading needs. The Raw trading account is also a strong offering, with spreads from 0 pips and a $7.00 per lot commission.

One feature I especially like is TradingView’s AI pattern recognition, which helps speed up the process of spotting candlesticks and chart patterns like wedges. This makes technical analysis more efficient and accessible.

Performance Analytics, a tool unique to Forex.com, adds even more value. It delivers real-time insights into your trading behavior, helping you identify strengths, weaknesses, and opportunities to improve your win rate based on actual performance data.

AI Pattern Recognition Tool

In my tests, I found FOREX.com’s integration with TradingView particularly strong – especially the pattern recognition scanner, which scans multiple markets to highlight potential trading opportunities.

This tool lets you define your own criteria, such as moving average crossovers, RSI above 80, or the formation of a hammer candlestick. When a market matches your setup, you’ll receive an alert and can open the chart with a single click.

TradingView pattern recognition scanner is a powerful time-saver for day traders, helping you quickly identify setups that match your strategy without manually scanning every chart.

Analyse Your Performance With AI

One of the standout AI features at FOREX.com is its Performance Analytics tool, which analyzes your trading stats to uncover ways to improve your performance.

I especially like the GamePlan feature—it identifies your strengths and weaknesses, helping you pinpoint where your trading edge lies and what’s dragging down your results. For example, I discovered I performed well trading USD/JPY and EUR/USD, but consistently lost on AUD/USD. Insights like these are invaluable for trimming unprofitable trades and boosting overall profitability.

The tool also helps you generate personalized trading plans, track your performance over time, and provides real-time feedback to align you with your goals.

Raw Spreads With Raw Account

FOREX.com offers a Raw account with tighter spreads averaging around 0.1 pips on EUR/USD and 0 pips on GBP/USD from my testing. , Forex.com has the lowest spread for a CIRO-regulated forex broker but comes with a $7.00/lot traded ($14 round-turn).

However, if a CIRO-regulated broker isn’t a priority for you and you want cheaper commissions, you can try BlackBull Markets which is half the price at $3.00/lot.