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AUD/CAD

The AUD/CAD is the currency pair encompassing the Australian dollar of the Commonwealth of Australia (symbol $, code AUD), and the Canadian dollar of Canada (symbol $, code CAD). The pair’s rate indicates how many Canadian dollars are needed in order to purchase one Australian dollar. For example, when the AUD/CAD is trading at 0.9500, it means 1 Australian dollar is equivalent to 0.95 Canadian dollars.The Australian dollar (AUD) is the world’s fifth most traded currency, whilst the Canadian dollar (CAD) is the world’s seventh most traded currency.Collectively, this results in a pair with moderate liquidity, for which spreads generally range between 2 and 5 pips on most forex brokers. The price often ranges daily between 60 and 150 pips. In terms of factors that impact the AUD/CAD, there are several key economic releases for the AUD/CAD cross.This includes, among others, Building Approvals for Australia, which measures the change in the number of new building approvals issued each month. For example, a higher actual percentage would provide strength to the country's currency, thus helping the AUD/CAD to rise in price. Core Retail Sales for Canada are also noteworthy, which measures the change in the total value of sales at the retail level, minus automobiles.A higher actual forecast would be bullish for the Canadian dollar, indicated by a southern direction on the AUD/CAD. How to Trade AUD/CADEven though the Australian dollar and the Canadian dollar are in the top right of most traded currencies, not every forex broker offers the AUD/CAD cross. Nevertheless, the cross is on offer with the majority of established brokers. Most active trading hours are between 11:00 GMT and 17:30 GMT, so the small percentage of day traders that are looking to speculate on this pair do so then.However, large movements are also made during important Australian and Canadian news announcements. Ultimately, both these currencies are heavily influenced also by commodities, since both countries possess vast land expanses, with Australia rich in metals such as platinum, gold, silver, iron and uranium.Conversely, Canada is reliant on crude oil – it is for this reason the AUD/CAD is also known as the commodity cross. Applying technical analysis when trading the AUD/CAD isn’t particularly fruitful and merely using technicals alone, by and large yields unpredictable results.

The AUD/CAD is the currency pair encompassing the Australian dollar of the Commonwealth of Australia (symbol $, code AUD), and the Canadian dollar of Canada (symbol $, code CAD).

The pair’s rate indicates how many Canadian dollars are needed in order to purchase one Australian dollar.

For example, when the AUD/CAD is trading at 0.9500, it means 1 Australian dollar is equivalent to 0.95 Canadian dollars.

The Australian dollar (AUD) is the world’s fifth most traded currency, whilst the Canadian dollar (CAD) is the world’s seventh most traded currency.

Collectively, this results in a pair with moderate liquidity, for which spreads generally range between 2 and 5 pips on most forex brokers.

The price often ranges daily between 60 and 150 pips. In terms of factors that impact the AUD/CAD, there are several key economic releases for the AUD/CAD cross.

This includes, among others, Building Approvals for Australia, which measures the change in the number of new building approvals issued each month.

For example, a higher actual percentage would provide strength to the country's currency, thus helping the AUD/CAD to rise in price.

Core Retail Sales for Canada are also noteworthy, which measures the change in the total value of sales at the retail level, minus automobiles.

A higher actual forecast would be bullish for the Canadian dollar, indicated by a southern direction on the AUD/CAD.

How to Trade AUD/CAD

Even though the Australian dollar and the Canadian dollar are in the top right of most traded currencies, not every forex broker offers the AUD/CAD cross.

Nevertheless, the cross is on offer with the majority of established brokers.

Most active trading hours are between 11:00 GMT and 17:30 GMT, so the small percentage of day traders that are looking to speculate on this pair do so then.

However, large movements are also made during important Australian and Canadian news announcements.

Ultimately, both these currencies are heavily influenced also by commodities, since both countries possess vast land expanses, with Australia rich in metals such as platinum, gold, silver, iron and uranium.

Conversely, Canada is reliant on crude oil – it is for this reason the AUD/CAD is also known as the commodity cross.

Applying technical analysis when trading the AUD/CAD isn’t particularly fruitful and merely using technicals alone, by and large yields unpredictable results.