The AUDCAD currency pair is made up of two major currencies, the Australian Dollar (AUD) and the Canadian Dollar (CAD). It is a popular trading instrument as it provides traders with more stability in comparison to other pairs that involve emerging market currencies.
There are several factors that affect the AUDCAD currency pair. These include macroeconomic developments, such as changes in the interest rate and inflation rate of each currency. Additionally, geopolitical events can also have an effect on the pair. For example, a change in trade relations between Australia and Canada could influence the exchange rate. Other factors such as commodity prices and global risk sentiment may also affect the AUDCAD pair.
The Australian Dollar to Canadian Dollar (AUDCAD) currency pair has been around for many years and has seen its fair share of price fluctuations. In the past 5 years, the highest recorded rate for this pair was 0.99 on 19th February 2021; while the lowest rate within that same period was 0.83 on 20 March 2020. Since then, the pair has been trading in a range between 0.90 and 0.95 for most of 2022.
This pair may be of interest to traders who are looking for opportunities in the currency market. It is important to understand the price history and volatility before making any trading decisions. In addition, it is also essential to keep an eye on major economic news and events when considering this pair for trading. Notable events such as rate hikes from the Reserve Bank of Australia, or policy changes from the Bank of Canada can affect the AUDCAD pair.
The AUDCAD currency pair is a cross rate that allows traders to gain exposure to both the Australian and Canadian Dollars. It has a high correlation with commodity prices, making it ideal for traders looking to take a position on the price of commodities such as gold, oil and copper. Furthermore, it is not highly correlated with other major currencies like the US Dollar, adding to its appeal.
Other currency pairs that traders may wish to consider include EURJPY, EURUSD and GBPCHF. These three crosses involve two of the world’s major currencies (the Euro, British Pound and US Dollar) allowing them to be good proxies for understanding global economic trends.
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* The spreads provided are a reflection of the time-weighted average. Though Skilling attempts to provide competitive spreads during all trading hours, clients should note that these may vary and are susceptible to underlying market conditions. The above is provided for indicative purposes only. Clients are advised to check important news announcements on our Economic Calendar, which may result in the widening of spreads, amongst other instances.
The above spreads are applicable under normal trading conditions. Skilling has the right to amend the above spreads according to market conditions as per the 'Terms and Conditions'.
Why Trade [[data.name]]
Make the most of price fluctuations - no matter what direction the price swings and with low capital investment.