Contract mechanics · 6C / MCD
6C Tick Size, Tick Value and Contract Specs
The standard outright calculation is 100,000 CAD × 0.00005 USD per CAD = $5. Micro MCD uses a different price grid: 10,000 CAD × 0.0001 = $1. Those two products express the same CAD/USD direction, but their tick counts, listed expiries and execution conditions are not interchangeable.
- Trading unit
- 100,000 CAD
- Outright tick
- 0.00005
- Tick value
- $5
- Settlement
- Physical
Exchange record
Start With the Outright Contract, Not a Platform Nickname
CME Rule 252 and the 2026 FX Product Guide identify Canadian Dollar/U.S. Dollar futures with Globex code 6C. The trading unit is 100,000 Canadian dollars, the quote is U.S. dollars per Canadian dollar and final settlement is physical. A higher 6C quote means one Canadian dollar buys more U.S. dollars; it generally represents a stronger CAD relative to USD.
| Specification | Current standard 6C term | Operational meaning |
|---|---|---|
| Contract | Canadian Dollar/U.S. Dollar futures; CME Rule 252 | The root code alone is incomplete; select a contract month and year |
| Trading unit | 100,000 CAD | Multiply any quote change by 100,000 for one-contract gross P&L |
| Quotation | USD per CAD | 0.72500 means one CAD is priced at $0.72500 |
| Globex outright increment | 0.00005 USD per CAD | 0.00005 × 100,000 = $5 per tick |
| Listed expiries | Serial contracts listed for 16 months plus March-cycle quarterlies listed for 20 consecutive quarters | The quarterly cycle is March, June, September and December; CME expanded 6C effective May 10, 2026, and the live chain still controls |
| Final settlement | Physical delivery | Close, roll or follow delivery rules and funding requirements |
This page addresses the Globex outright increment. CME lists different increments for some spread and ClearPort transactions. A calendar-spread quote therefore needs its own specification check; never force the $5 outright shortcut onto another trade type.
Price-to-dollar conversion
Two Valid P&L Methods Must Reconcile
The multiplier method works for every valid price change. For a long position, gross P&L is (exit minus entry) × 100,000 × contracts. For a short, reverse entry and exit. Tick counting reaches the same answer when the quote change is divided by the correct outright increment.
Multiplier method
Long from 0.72500 to 0.72620
The change is 0.00120. Multiply 0.00120 by 100,000 CAD to get $120 gross for one standard contract. Two contracts would produce $240 gross. Commissions, exchange fees and slippage still reduce the result.
Tick method
Count 24 outright ticks
Divide 0.00120 by 0.00005 to get 24 ticks. Multiply 24 by $5 to get the same $120 gross. If the two methods disagree, the price increment, contract size or decimal placement is wrong.
| Quote move | Standard ticks | One 6C | Three 6C |
|---|---|---|---|
| 0.00005 | 1 | $5 | $15 |
| 0.00010 | 2 | $10 | $30 |
| 0.00050 | 10 | $50 | $150 |
| 0.00120 | 24 | $120 | $360 |
| 0.00500 | 100 | $500 | $1,500 |
On standard 6C, a 0.0001 move equals two 0.00005 ticks and $10. Some charting platforms label increments differently. The robust check is contract unit multiplied by the exchange increment, not the word shown beside a ladder setting.
Smaller instrument
MCD Is One-Tenth the CAD Unit, With a Different Tick Grid
CME Rule 293 and the 2026 product guide list Micro CAD/USD futures under code MCD. One contract represents 10,000 CAD and is quoted in USD per CAD. Its minimum price fluctuation is 0.0001, so one MCD tick is $1. Ten MCD contracts equal one standard contract's CAD unit, but they generate more tickets and may have different spread, depth, commissions and available expiries.
| Item | Standard 6C | Micro MCD | Do not miss |
|---|---|---|---|
| Trading unit | 100,000 CAD | 10,000 CAD | Ten micros reproduce one standard unit before costs |
| Quote | USD per CAD | USD per CAD | Higher means stronger CAD in both products |
| Outright increment | 0.00005 | 0.0001 | A 0.0001 move is two standard ticks but one micro tick |
| Tick value | $5 | $1 | Do not divide the standard tick value by ten without checking the wider micro grid |
| 0.00120 move | 24 ticks = $120 | 12 ticks = $12 | Price move is identical; tick count and dollar exposure differ |
| Listing pattern | 16 serial months plus 20 consecutive quarterlies | Nearest March-cycle quarterlies | CME's detailed MCD guide identifies the two nearest quarterlies; confirm both active chains now |
| Settlement | Physical | Physical | Micro size does not remove delivery procedures |
At a hypothetical 0.72500 quote, one standard contract has $72,500 of U.S.-dollar notional and one MCD has $7,250. Notional is the value of the represented currency at that price. It is not the cash paid for the contract, the performance bond, a price target or a maximum-loss number.
Lifecycle
Both Contracts Can Reach Physical Delivery
Current Rules 252 and 293 say trading terminates on the business day immediately preceding the third Wednesday of the contract month. CME's product materials give the usual final trading time as 9:16 a.m. Chicago time. If that termination date is a Chicago or New York bank holiday, the rule moves termination to the preceding common business day. Delivery normally occurs on the third Wednesday, subject to the rulebook's holiday adjustment.
- Identify the exact dated contract.A continuous symbol is a chart construction, not a deliverable position. Record the root, month code, year and broker symbol.
- Open the current expiration calendar.Do not calculate a last-trade date from memory. Holidays and exchange notices can change the practical date.
- Read the broker's cutoff.An FCM can require exit earlier than the exchange termination and may liquidate an account that is not approved or funded for delivery.
- Set a personal buffer.A trader who does not intend to exchange CAD and USD should plan an exit or roll well before the operational deadline.
Most speculative positions may be offset before delivery, but that behavior does not change the legal contract. A forgotten working order or misidentified month can create an expiry problem even when the trade thesis was short term.
Market access and migration
Nearly 23 Hours of Access Is Not 23 Hours of Equal Execution
CME's regular FX Globex context is Sunday through Friday from 5:00 p.m. to 4:00 p.m. CT, with a 60-minute daily break beginning at 4:00 p.m. CT. Holiday schedules can shorten or alter those hours. Being able to submit an order says nothing about spread, visible depth, fill probability or slippage at that moment; those must be observed in the exact contract.
Compare both months
Watch volume, open interest, bid-ask spread and usable depth in the expiring and next candidate contract. Do not assume a fixed roll date fits every cycle.
Record the basis
Different expiries can trade at different prices because time and relative interest rates matter. The price gap is not automatically a chart error.
Choose the route
Compare an outright close-and-reopen with the available calendar-spread market. Each route has its own tick, liquidity and transaction-cost profile.
Repair the research series
Document whether a backtest uses raw contracts, a ratio-adjusted series or a back-adjusted continuous series. Never execute a synthetic continuous price.
Funding is not risk
Margin Figures Expire Faster Than Contract Multipliers
CME performance bonds are risk-based collateral requirements and can change. A broker may require more, may advertise a lower intraday amount, and may remove that concession near the close, around events or during volatile conditions. None of those numbers caps the price move or promises where a liquidation will fill.
What margin can answer
- Whether the account meets the current funding requirement.
- Whether an overnight or event-period requirement differs.
- Whether a broker may issue a call or liquidate under its agreement.
- Whether offsets apply to a declared portfolio.
What margin cannot answer
- Where the thesis becomes invalid.
- How far price can gap beyond a stop.
- What slippage, fees and spread will cost.
- Whether the chosen contract count fits an account loss budget.
Use the live exchange and broker figures for funding, then calculate risk independently. The complete integer-sizing workflow, including cost and gap stress, is in 6C margin and position sizing.
Final verification
A Seven-Line Contract Check Before Every Order
A correct thesis entered in the wrong product or expiry is still an operational error. Complete this check from current sources and the live order ticket rather than from a screenshot of this article.
| Field | Record | Fail closed when |
|---|---|---|
| Product | 6C or MCD | The symbol, unit or price ladder is ambiguous |
| Expiry | Month and year | A continuous chart does not match the ticket |
| Outright tick | 0.00005 / $5 or 0.0001 / $1 | Platform labels disagree with exchange arithmetic |
| Risk | Entry, invalidation, quantity and cost allowance | The integer size has not been reconciled |
| Market quality | Spread, depth and expected slippage | Current conditions breach the plan's limits |
| Calendar | Events, holiday hours, termination and broker cutoff | Any deadline or event state is unknown |
| Exit route | Offset, roll or approved delivery process | No operational owner or deadline exists |
Frequently asked questions
6C and MCD Contract Questions
What is one standard 6C tick worth?
The current outright minimum increment is 0.00005 U.S. dollar per Canadian dollar. Multiplied by the 100,000 CAD trading unit, one standard 6C tick is $5.
What is the Micro Canadian Dollar futures ticker and tick value?
CME lists Micro CAD/USD futures under Globex code MCD. The trading unit is 10,000 CAD and its 0.0001 minimum increment is worth $1.
Are 6C and MCD cash settled?
No. CME classifies both standard 6C and Micro MCD as physically delivered contracts. Traders who do not intend delivery need an exit or roll plan before the applicable broker cutoff.
Does 6C margin define the maximum loss?
No. Exchange performance bond and broker margin are funding requirements, not loss limits. Price movement, quantity, gaps, slippage, fees and liquidation determine the realized loss.
Sources, calculations and editorial disclosure
- CME Group FX Product Guide 2026 for standard 6C and Micro MCD codes, rules, units, final settlement, quote units and outright increments.
- CME Globex Notice: April 20, 2026 for the standard 6C listing-cycle expansion effective May 10, 2026: 16 serial months and 20 consecutive March-cycle quarters.
- CME Rulebook Chapter 252: Canadian Dollar/U.S. Dollar futures for the standard unit, price increment, termination and physical-delivery rules.
- CME Rulebook Chapter 293: Micro CAD/USD futures for the micro unit, price increment, termination and physical-delivery rules.
- CME Canadian Dollar futures contract specifications for regular hours, listed standard expiries and usual 9:16 a.m. CT termination time.
- CME detailed FX Product Guide for the MCD two-quarter listing convention and 9:16 a.m. CT last-trade detail; the live chain must still be checked because Rule 293 leaves scheduled months to the exchange.
- CME Group FX futures delivery guide for the physical-delivery context, supported expirations and Canadian Dollar timing exception.
- CME Group holiday and trading hours and the live Canadian Dollar margins page for time-sensitive operational checks.
Sources and methods were reviewed August 13, 2026. The exchange materials above were the primary basis for this specification review. All displayed dollar values are Grizzly Parrot Trading calculations: quote move multiplied by contract unit, or tick count multiplied by exchange tick value. Worked prices are hypothetical and are not forecasts or trading results. Specifications, listings, hours, performance bonds and broker policies can change.