Major currency pairs are the most traded currency pairs in the foreign exchange market, which typically include the EUR/USD (Euro/US Dollar), USD/JPY (US Dollar/Japanese Yen), GBP/USD (British Pound/US Dollar), AUD/USD (Australian Dollar/US Dollar), USD/CHF (US Dollar/Swiss Franc), and USD/CAD (US Dollar/Canadian Dollar). These pairs are highly liquid and generally have lower spreads compared to others, making them popular choices for traders. The US dollar is a constant component in all major pairs, serving as the world's primary reserve currency.