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Thinking of trading NZDCAD?

    1. The NZD/CAD would be considered a cross-rate currency as it is not directly related to the USD, and hence it can be a breath of fresh air for traders that want to stay away from dollar related economic events. 2. Unlike other countries, the Bank of Canada believes that the CAD should raise or drop depending on its inherent value, and hence, it does not intervene in the foreign markets since 1998.
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Both countries had once their counterparties "pound". The New Zealand pound was the official currency until the NZD was introduced in 1967. Just the same, Canada's currency used to be the canadian pound until 1858. Behind the USD, the EUR, the JPY and the GBP, the Canadian dollar is the fifth most held reserve currency in the world. Both countries are highly dependent on trade. Canada is a top player of Oil exportation, whilst New Zealand's dairy industry forms 26.5% of total exports, followed by Meat with a 13. 5%. Since January 2009 NZD/CAD has seen a long-term bullish movement from 0.6819 to its current price of 0.8810. The pair is characterised from intraday volatility and it can be used by traders in that manner.

1. In order to be able to analyse what direction this pair can go, it is worth noting down the following economic events: Interest rate decision from the RBNZ, the GDP of both nations, CPI of both countries, the Producer Price Index, employment changes, trade balance and several political events such as trading news with Australia or China (as they are New Zealand's main trade partners)2. As Canada depends on their Oil trade, it is important to remember to keep an eye on OPEC meetings and oil inventories. Similarly, as New Zealand's main trade partners are both China and Australia it is a good idea to have their GDP closely examined.