AUD/CAD – Live and Historical Rates
Featured in the chart above, the AUD/CAD pair isn’t one of the major forex currency pairs. It could be considered a commodity pair given how the countries whose national currencies make it up are heavily dependent on exports of commodities, but due to the relatively low volumes involved, that wouldn’t hold much water either.
To understand where the strength of the Australian Dollar comes from, one needs to take a number of basic variables into account. First of all, as said above, the Australian economy is a commodity export-driven one. LNG, Iron Ore, Gold, Crude Oil and Coal make up the lion’s share of these exports. Due to Australia’s geographical proximity to Asia, the AUD is also uniquely exposed to Asian markets, a status which creates certain advantages diversification-wise.
Introduced in 1966, the AUD started out pegged to the GBP. Supported by a stable government and strong forex markets, it currently accounts for some 3.3% of the global forex turn-over, being the 6th most traded currency.
Supported by another commodity-export based economy, the Canadian Dollar is currently the 7th most traded currency in the world. In its current form, the CAD was launched in 1858, after a lengthy period of political and economic wrangling concerning the practicality of the concept. The predecessor of the CAD was the Canadian Pound, promoted by the imperial authorities in London, which had been introduced in 1841. The move to the CAD was prompted by the proximity of the US and the attractive trading opportunities which stemmed from this geographical reality.
When trading AUD/CAD, the key factor to watch is the evolution of the EUR/USD pair. A strong USD will negatively impact both currencies. Due to the above detailed economic peculiarities associated with the AUD as well as the CAD, commodity indices corresponding to the two countries also play a major role in analysis.
AUD/CAD Currency Converter
Other major currency pairs
BUY - rate is expected to increase, i.e. the first currency gains value against the second currency.
SELL - rate is expected to go down, i.e. the first currency is expected to lose value against the second currency.