The exchange rate of the New Zealand dollar to the Canadian dollar on Forex
NZDCAD, a trading instrument that expresses the ratio of the New Zealand dollar to the Canadian dollar, falls into the category of so-called commodity currency pairs, as its quotes strongly depend not only on the economic situation in Canada and New Zealand, but also on the volume of their exports. It is known that Canada mainly exports oil products, and New Zealand exports agricultural products. Thus, when carrying out a fundamental analysis of NZDCAD pair, among other things, one should take into account the economic indicators of the trading partners of these export-oriented countries: the USA, the European Union, Australia, Japan, and China. The fundamental factors of Canada and New Zealand, which also significantly affect the movement of the pair, are GDP figures, interest rate and inflation rate, data on exports and labor market. When performing technical analysis on this trading instrument, a trader can rely on signals from classical and custom indicators, candlestick and graphic patterns. Unlike other popular instruments, NZDCAD is not characterized by high liquidity and volatility.
The current chart of NZD/CAD quotations and the current cross-rate of the New Zealand dollar to the Canadian dollar on Forex are presented below.
Risk warning: Trading in FX and CFDs entails high risk of losing capital.