The CAD/ZAR symbol represents the currency pair trading the Canadian dollar against the South African rand, and is an exciting pair with high levels of volatility that offers plenty opportunities for experienced forex traders to generate pips. Both the CAD and the ZAR are considered as commodity currencies as Canada and South Africa are exporters of important commodities. While crude oil is Canada's biggest export, making significant contributions to its economy, South Africa exports commodities like gold, platinum, chromium, diamonds and even iron ore.As a result, the CAD/ZAR currency pair experiences ample volatility whenever the prices of these commodities go up or down in international markets. For instance, when crude oil prices fall, the Canadian dollar weakens and this forex pair trades bearish, as a result. On the other hand, when the price of iron ore falls, the ZAR weakens, turning this currency pair bullish.In the forex market, the ZAR is considered the second most volatile currency, after the Russian ruble. As an emerging market currency, the South African rand sees considerable volatility independent of commodity prices as well. The exchange rate of CAD/ZAR is also heavily influenced by the market sentiment - a risk-on mood not only strengthens both currencies, but makes the ZAR especially strong as traders move away from the safety of major currencies and towards the riskier emerging market currencies.