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Australian Dollar vs Canadian Dollar (AUD/CAD)

Trading Conditions:

Axi Symbol: AUDCAD

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3 Day Financing: Wednesday

Long Position Overnight Fee: displayed on the trading platform

Short Position Overnight Fee: displayed on the trading platform

Pricing is indicative. Past performance is not a reliable indicator of future results. Client sentiment is provided for general information only, is historical in nature and is not intended to provide any form of trading or investment advice - it must not form the basis of your trading or investment decisions.

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What is AUD/CAD?

The AUD/CAD is the forex currency pair that represents the exchange rate between the Australian dollar (AUD) and the Canadian dollar (CAD). In forex trading, the AUD/CAD pair indicates how many Canadian dollars are needed to purchase one Australian dollar.

Trading the AUD/CAD pair allows traders to take advantage of the exchange rate fluctuations between the Australian and Canadian economies. However, it is important to note that forex exchange rates are not set in stone and that they can be influenced by a wide range of financial and political factors, some of which are interconnected.

What affects the price of the AUD/CAD pair?

The price of the AUD/CAD currency pair can be influenced by several factors, including:

  • Economic data: Economic indicators such as Gross Domestic Product (GDP) growth, inflation rates, employment data, and trade balance can impact the value of both the Australian dollar and the Canadian dollar. Usually, positive economic data strengthens a currency, while a negative announcement can weaken it.
  • Interest rates: The AUD/CAD exchange rate could be affected by central bank monetary policy decisions such as rate hikes by the Reserve Bank of Australia (RBA) and Bank of Canada (BoC). Higher interest rates tend to increase the demand for a currency.
  • Commodity prices: Both Australia and Canada are known for being major commodity exporters of iron ore, coal, gold, oil, and natural gas. Changes in commodity prices can have an impact on the respective currencies. For example, Australia is a major exporter of gold, while Canada is known for its significant reserves of natural resources, including gold. As a result, fluctuations in gold prices can indirectly affect the AUD/CAD exchange rate.
  • Political and geopolitical events: Political stability or instability, government policies, and geopolitical developments can affect investor sentiment and impact the exchange rate. Elections, changes in government, trade disputes, and geopolitical tensions can create volatility in the AUD/CAD pair.
  • Risk sentiment and market speculation: As investors evaluate the relative stability and prospects of both economies, shifts in risk sentiment may have an impact on the AUD/CAD pair. Market speculation following patterns and trends in price charts, as well as trading volumes, can impact market participants' decisions.

What to watch out for when trading AUD/CAD?

When trading the AUDCAD forex pair (the Australian dollar against the Canadian dollar), there are several factors to watch out for. Here are some key considerations:

  • Reserve Bank of Australia’s and Bank of Canada’s Monetary Policy Decisions
  • Australia’s and Canada’s Employment Data and Gross Domestic Product (GDP)
  • Australia’s and Canada’s Inflation figures as shown in the Consumer Price Index (CPI)
  • Australia’s and Canada’s Trade Balance
  • Organisation of Petroleum Exporting Countries (OPEC) meetings and oil inventory data
The data is sourced from third-party providers. This information is not to be construed as a recommendation; or an offer to buy or sell; or the solicitation of an offer to buy or sell any security, financial product, or instrument; or to participate in any trading strategy. It has been prepared without taking your objectives, financial situation, or needs into account. Any references to past performance and forecasts are not reliable indicators of future results. Axi makes no representation and assumes no liability regarding the accuracy and completeness of the content in this publication. Readers should seek their own advice.

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