Convert CAD to ZAR
The CAD/ZAR currency pair sees significant price action on the release of important economic data from Canada and South Africa, including GDP, inflation, employment, trade balance, retail sales, PMI readings from manufacturing and services sectors, PPI and business confidence.
Both CAD and ZAR experience fluctuations on the release of important updates from the Bank of Canada and the South African Reserve Bank respectively, especially announcements related to the monetary policy and interest rates. For instance, if the BOC hikes interest rates or tightens its monetary policy, the CAD strengthens and causes the CAD/ZAR currency pair to trade bullish, as a result.
CAD/ZAR touched a high of 13.6369 on 6 April 2020. This is the strongest level the currency pair has traded at so far this year.