Convert AUD to CAD
The AUD/CAD currency pair experiences considerable volatility on the release of important economic data from Australia and Canada, including GDP, inflation, unemployment rate, trade balance, business confidence, retail sales and housing market data.
Both the AUD and the CAD see changes in their value on the release of monetary policy and interest rate decisions by the Reserve Bank of Australia (RBA) and the Bank of Canada (BOC) respectively. For instance, if the RBA tightens its monetary policy or hikes interest rates, the AUD makes gains, turning the AUD/CAD bullish, and vice versa.
China is an important trade partner of Australia, accounting for importing most of the commodities, especially iron ore and coal. As a result, economic data releases from China that affect this trade relationship tends to influence the value of the AUD as well.