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New Zealand Dollar / Canadian Dollar (NZD/CAD)

Track the New Zealand Dollar (NZD) against the Canadian Dollar (CAD). Get real-time price updates, market insights, and expert trading tips at FP Markets Taiwan.
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New Zealand Dollar / Canadian Dollar (NZD/CAD) Profile

The NZD/CAD is the abbreviation for the currency pair New Zealand dollar against the Canadian dollar, which is a cross-currency pair. The base currency is NZD, and the quote currency is CAD.

New Zealand currency has a long history of over 160 years. During the 1800s, New Zealand used its coins and banknotes before British currency was even legal currency. The New Zealand dollar is the official currency of New Zealand and is represented by the symbol $ or NZ$ to set it apart from other currencies based on dollars. The New Zealand dollar is being used by Niue, the Cook Islands, Tokelau, and the Pitcairn Islands.

In the 1850s, the Canadian dollar was introduced. The Canadian pound was the original unit of currency, but the structure was altered to better facilitate trade with the United States. As time passed, the Canadian dollar saw significant growth. The country is ranked 9th as the largest in the world with wealth and stability helping it grow faster. Canada is thriving on exporting goods seeing the industry increasing rapidly.

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New Zealand Dollar / Canadian Dollar (NZD/CAD) Trading FAQ

While forex pairs can theoretically be traded 24 hours a day, there are optimum times to trade the NZD/CAD whenever the currency pair is more volatile. From 13:00 and 17:00 (GMT), the NZD/CAD is usually busy (GMT).

The New Zealand dollar and the Canadian dollar are reputed commodity currencies. NZD/CAD is a rather steady currency pair.

The Canadian dollar exchange rate can be mainly affected by the economic conditions dominating the United States each season. However, the New Zealand dollar exchange rate can be affected by the economic conditions of Australia and markets in Asia. Correlation disruption can appear through periods of overweighted global growth.

As you may already know, trading via CFDs (contracts for difference) is one of the most popular approaches when dealing with currencies such as NZD and CAD. While there are numerous Forex brokers out there. Try to find one that suits your needs. Such as FP Markets, a fully regulated broker that offers all types of platforms and accounts, to suit every need.

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