Features of trading the AUD/CAD currency pair
If you're going to exchange Australian dollars to Canadian dollars (AUD to CAD) or CAD to AUD, do it via the Forex, so you will save a large amount of money. The wholesale exchange rates of money transfers with the help of a broker are much more competitive than the ones used by the banks.
The AUD/CAD is a relatively stable currency pair. The Canadian economy's condition is more closely tied to the fate of the United States because of the trading relationships between these two countries and their neighborship. The AUD status is in line with the Australian and Asian emerging markets conditions. Correlation may occur during the periods of dislocated global growth, as we saw after the 2008 global financial crisis. The AUD's closer ties to the Asian economies led to the integration at historically higher levels of CAD.
Australia is not a very large country, and in the situations of 2009, it was 13th in the world in terms of GDP, which is less than one-tenth of the United States' GDP, 50th in terms of population and 19th in the world for export. Nevertheless, the Australian dollar is one of the five most frequently traded currencies on the currency market. Interestingly, the Australian dollar has been a free-floating currency since 1983.
Australia owes its vogue among the currency traders due to 3G - geology, geography and the government policy. Geology has given the country a fortune of natural resources that are in high demand, including oil, gold, agricultural products, diamonds, iron ore, uranium, nickel and coal. Geography has held the country as the preferred trading partner for many fast-growing Asian economies, who aimed for resource requirements. The country policy has led to fairly constant and stable high interest rates, a stable government policy, economy, lack of intervention in the foreign exchange markets and a Western approach to business and the rule of law, which was not always typical for the country.
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