The CAD/SEK currency pair is popular among the traders of Forex market. This pair is the cross rate against the U.S. dollar. As you can see, the U.S. dollar is not present in this currency pair, nevertheless, it greatly affects both currencies. To make it clear, just combine two charts (CAD/USD and USD/SEK) in the same price chart, and you will see the approximate CAD/SEK chart.
The U.S. dollar has the significant influence over the Canadian dollar and the Swedish krona. So for a better prediction of the future rate movement of this financial instrument, you need to consider the main economic indicators of the U.S. There are such indicators as the interest rate, GDP, unemployment, new workplaces indicator and many others. Remember that currencies listed above can react in a different way to the U.S. economy changes.
For the reason that Canada is one of the largest world oil exporters, the world oil prices deeply influences the Canadian dollar. When the oil prices are increasing, the Canadian dollar value is also rising and vice versa. So the CAD/SEK currency pair rate is in a direct proportion to the oil prices.
Sweden is one of the most economically developed countries in the world that makes it far ahead from other Nordic countries: Denmark, Norway and Finland. The large minerals reserves and highly qualified specialists working in all economic sectors help Sweden to achieve such high economic development. The country has large amounts of iron ore and nonferrous metals, as well as timber, and large hydropower resources.
Sweden is also considered to be both the largest manufacturer of engineering products and supplier of iron ore, steel and paper. The most part of its production goes for export. So the export decline can have a dramatic impact on the Swedish economy. Moreover, the increasing world prices of the major energy resources such as oil and gas can provoke some economic problems in Sweden that affect the value of the Swedish krona.
Please pay attention to the higher spread for a cross currency pairs than for popular ones. So before you start dealing with the cross rates, learn and understand broker’s conditions of trading with the specified trade instrument.
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