‘Nickel’ is a US slang term used in Forex to mean 5 pips.

A pip value is 0.0001 or 0.01% – so a nickel would be 5 times greater with a value of 0.0005 or 0.05%. For example, if the price of USD/CAD was at 1.2840 and it had gone up by a nickel, then the price would now be at 1.2845.