Convert NZD to CAD
The exchange rate of the NZD/CAD currency pair can be affected by the release of key economic data from New Zealand and Canada, including GDP, employment, trade balance, consumer confidence, business sentiment and inflation.
The NZD and CAD experience significant fluctuations during the meetings of the Reserve Bank of New Zealand (RBNZ) and the Bank of Canada (BOC), especially if either bank makes changes to its monetary policy or interest rates. For instance, if the BOC lowers interest rates or turns dovish about its monetary policy, it weakens the CAD and turns the NZD/CAD bullish.
The NZD/CAD is a highly volatile currency pair as both currencies are considered commodity currencies. The high level of unpredictability in the moves of this currency pair make it a tricky pair to trade without experience in performing fundamental and technical analysis.