The AUDCAD is a relatively stable currency pair that tells about the number of Canadian dollars (CAD) you need to buy an Australian dollar (AUD). Moreover, both countries' currency value is strongly related to the commodities it exports. For instance, the value of AUD is directly affected by the fluctuations in the gold price, which is its leading export. Likewise, Canada is the most significant crude oil exporter, which means price changes in oil impact CAD too.

What is AUDCAD?

The AUD is the base currency, and CAD is the counter currency in this pair. As the economies of both countries are related to the exports of natural resources, the price of the commodities affects the currency pair. This correlation is essential for every investor eager to know how to trade AUDCAD. Moreover, both countries' trading partners also impact the AUDCAD pair. For instance, Canada's largest trading partner is the US. As the US economy grows, it imports more products from Canada, which ultimately boosts Canada's economy and the value of the Canadian dollar. On the other hand, Australia's largest trading partner is China. It means that the rapidly growing Asian market is directly related to Australia's economy and its dollar value.

The AUDCAD pair is also important to investors for several reasons, including diversification possibilities and exposure to commodity markets.

How does AUDCAD work?

AUDCAD is a forex currency pair, a trading instrument that compares the value of the AUD against CAD on the foreign exchange market. These currency pairs are traded for 24 hours and five days a week. However, geopolitical events, central bank policies, and global trade markets significantly affect it.

Furthermore, investors can buy or sell the AUDCAD currency pair through trading platforms like SimpleFX. However, it's essential to realize that trading on the forex market is volatile and involves risks. So, before risking real money in the markets, investors can start with a demo account and learn how to invest in AUDCAD.

AUDCAD price history

Like many other currency pairs, AUDCAD has also undergone many ups and downs. Below is a summary of its performance.

2018

On 1st January 2018, the Australian dollar to Canadian dollar exchange rate was 0.9788, and the rate was maximum in March, i.e., above one. But it ended with a value of 1 AUD equal to 0.9696 CAD. However, it must be noted that the rate kept fluctuating throughout the year due to economic data released, central bank policies, and global market trends.

2019

On 1st January 2019, the exchange rate was 0.9693 CAD, considered the best rate of the year. The investors experienced the worst exchange rate of 0.8865 CAD on 1st October 2019, and the year ended with a rate of 0.9124, with an average exchange rate of 0.9227.

2020

The year started with an exchange rate of 0.9106 CAD and ended at 0.9801 CAD. The best exchange rate of the year was 0.9804 CAD, and the year's worst value was 0.8317 CAD. However, the average was 0.9249 CAD.

2021

The year started with an exchange rate value of 0.9794 CAD and ended at 0.9187 CAD. The best and the worst exchange rates were 0.9981 CAD and 0.8988 CAD, respectively, with an average yearly rate of 0.9417 CAD.

2022

The exchange rate value on 1st January 2022 was 0.9183 CAD, and 0.9234 CAD on 31st December 2022. The worst rate was 0.9471 CAD on 5th April 2022, and the year's average was 0.9035 CAD.

Current AUDCAD price

The current AUDCAD price can be checked on the chart above and on the SimpleFX Webtrader platform.

Is AUDCAD a good investment?

To invest in AUDCAD, investors must consider factors such as inflation, interest rates, trade balances, market trends, and geopolitical situations. For instance, in 2008, the global financial crisis significantly impacted the exchange rate due to the depreciation of AUD against CAD. Likewise, fluctuations in the leading export commodities of both countries also affect the exchange rate. Whether AUDCAD is a good investment depends on several economic indicators, and investors eager to learn how to invest in forex must consider them before investing.

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