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Thinking of trading AUDCAD?

    1. Its correlations with their respective commodities made of this pair something relatively easy to follow. Whereas Canada is an oil producer, the Australian dollar's main driver is not the oil market but the metals. If you closely monitor the AUD pair along with the price of gold, silver, platinum or palladium, you will find many correlations. 2. Something particularly interesting about this pair, is its positive Swap (special interest rates that come when a trader holds a position overnight).Unlike negative swap, which is the one you have to pay for holding this pair, AUD/CAD has a positive swap, which means you will receive a % from your investment merely for holding a trade overnight.
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Both currency pairs were preceded by their British pound equivalent. The Canadian dollar was the first one to substitute the imperial system's Canadian pound in 1850s, whereas the Australian pound was replaced by the dollar counterparty almost 100 years later, in the 1960s. Both countries, Australia and Canada are important players in the export industry. The physical proximity of Australia with the Asian continent strengthen the currency's value, while Canada's relationship with the US bolstered its own trade growth. The pairs lowest drop and highest pick were only three years apart. In January 2009, the pair traded at 0.77389 and in the same month of 2012 it raised to 1.06692. It is interesting to note that this pair is constituted by two commodity currencies, a commodity currency is one that is easily influenced by the commodity price changes. For example, Canada is an oil producer country, which makes its currency very sensitive to oil price changes.

1. The Australian economy is heavily dependent on the trade in and out with China. One third of their exports go to China, so whenever the Chinese economy shows fragility, the AUD may fall in relation to other pairs, including the Canadian dollar. Subsequently, a strong Chinese economy will support the AUD. 2. In sum, some of the economic reports you will want to watch out for if you are trading the AUD/CAD are: Chinese PMI index, Chinese GDP and the RBA's meetings and minutes, the Australian CPI or inflation report, the Australian PMI and their related commodity prices. 3. For the CAD, you should monitor the OPEC meetings decisions, US rigs weekly data and number of inventories. An increase in oil price helps the Canadian dollar to get strength. It is also worth mentioning that Canada has only one purchasing managers Index, the Ivey PMI, that is considered to be a direct reflection of the country's economic health.