Live and Historical NZD/CAD Rates
The chart shows the value of the New Zealand dollar (NZD) against the Canadian dollar (CAD) – that is how many Canadian dollars can purchase one New Zealand dollar. The New Zealand dollar and the Canadian dollar form neither a commodity pair nor a major pair, and neither is a major currency.
This pairing has an extremely low volume for several reasons. The most obvious is geographic distance. In addition, the economy of New Zealand is not a major world player. Another factor is the fact that New Zealand receives most of its commodity imports from Australia-goods that make up the majority of Canada’s industries. In general, the best way to find profit windows for this pair is to watch commodity cycles and agriculture prices. Changes in the US, Japanese, or Australian economies can also have a significant influence on the currencies. This pair is not usually very useful for carry trades.
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The New Zealand Dollar
The New Zealand dollar or Kiwi dollar, introduced to the world market in 1967, is the national currency for a total of five countries. New Zealand’s primary export partners are the United States and Australia. The primary export sectors are food processing, agriculture, and services. However, the New Zealand dollar is twelfth in the internationally traded currencies list. This means that New Zealand is extremely dependent on the success of other economies for the strength of NZD. The Kiwi dollar is also impacted strongly by agricultural prices, as evidenced by the drop for NZD in the 2000s.
The Canadian Dollar
The Canadian dollar is only as strong as its strongest trade partner – the United States. The United States receives almost 85% of Canadian exports and supplies over 50% of all of imports. At one time, the Canadian people sought assimilation of CAD into USD, but that request was denied because Canada was still under the authority of the British Monarch at the time. CAD has floated since 1970, and the Bank of Canada remains a relatively hands-off governing body. The greatest influence on CAD is the United States economy and commodity prices-like oil, lumber, natural gas, mining, and other basic raw materials.