Currency converter

Australian Dollar vs Canadian Dollar
1.0113 USD
23 May 2017 13:45
Price Change (% chg)
$0.0003
(0.03%)
Prev Close
Prev Close

Closing price, the previous day.
$1.009
Open
Open

Opening price.
$1.007
Day's High
Day's High

The highest price over the last trading day.
$1.0118
Day's Low
Day's Low

The lowest price over the last trading day
$1.007
52-wk High
52-wk High

Price range high in the last 52 weeks
$1.0393
52-wk Low
52-wk Low

Price range low in the last 52 weeks
$0.9597

Description:

The AUD/CAD currency pair is very sensitive to changes in the U.S. dollar exchange rate.
The Australian dollar is the sixth most traded currency in the world. It accounts for 5% of the global forex trades. A high interest rate in Australia, the forex market being relatively free of government interventions, and the stable Australian economy as well as political system as a whole – all of these trigger great interest of currency investors in the Aussie.
Australia is an exporter of natural resources, agricultural products, and energy. That is why its economy extremely depends on natural resources. The Canadian dollar is the major commodity currency around the globe, which is always affected by crude oil prices, ferrous and non-ferrous metallurgy, and coal industry.
However, the main factor is oil, which is quite positive, as crude oil prices are easier to predict.
Since both the Australian and Canadian economies are export-oriented, the AUD/CAD exchange rate is linked to the units of the U.K., EU, and Japan. Such forex trading tools as EUR/USD, GBP/USD, and USD/JPY may be used as trading indicators.
The Australian dollar is directly correlated with gold, and the Canadian unit, in turn, is closely correlated with crude oil. Consequently, the dynamic of AUD/CAD is strongly influenced by gold and oil prices.

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