In the NZDCAD pair, NZD is the base currency, and CAD is the quote currency, and it tells about the number of NZDs required to purchase one CAD. Moreover, the pair is quoted with the ask price and bid price. The bid price is the buying price, and the asking price is the pair's selling price.

What is NZDCAD?

The NZDCAD is the exchange rate between New Zealand Dollars (NZDs) and Canadian Dollars (CADs). Both these currencies fall under commodity currencies because Canada exports oil and lumber. Also, its principal trading partner is the United States. Likewise, New Zealand exports meat and dairy products to Australia and China. The NZDCAD is a cross-currency pair actively traded on the forex market. It is highly volatile, and its volatility depends on factors such as export prices, economic data releases, trading partners, and interest rates of both the New Zealand Dollar and Canadian Dollar. Before entering the market, traders can learn how to invest in NZDCAD with a demo account. Therefore, traders must research these factors before investing in the pair.

How does NZDCAD work?

Like all other currency pairs, NZDCAD is traded on the forex market using financial instruments such as futures, contracts for difference (CFDs), and options. First, traders open an account on the SimpleFX platform where the currency pair is available. Then, investors can deposit funds into the account and start trading the pair. Traders buy and sell the pair after speculating on the exchange rate fluctuations. They use different approaches, such as carry trading, scalping, news trading, and fundamental and technical analysis. However, it's worth noting that the currency pair is not a risk-free option. Investors willing to find out how to trade NZDCAD must remember that every investment may result in losses.

NZDCAD price history

Before investing in NZDCAD, knowing about its past performance is necessary. That's why traders should get familiar with the exchange rate from 2018 to 2022:

2018

At the start of 2018, the NZDCAD was at 0.8897 CAD; at its end, the value increased to 0.9173 CAD. The year's peak exchange rate was 0.9495 CAD on 13th March 2018, and its lowest value was 0.834 CAD on 6th October 2018. The average exchange rate in 2018 was 0.897 CAD.

2019

The year began when the NZDCAD was at 0.9153 CAD and closed with an exchange rate of 0.874 USD. The best exchange rate of the year was 0.9256 CAD on 25th March 2019, and the worst rate was 0.8252 CAD on 1st October 2019. The year's average was 0.8746 CAD.

2020

On 1st January 2020, the NZDCAD price was 0.874 CAD; on 31st December 2020, it rose to 0.914 CAD. The exchange rate touched the maximum value of 0.92 CAD on 30th December 2020, and the lowest recorded value for the year was 0.8133 CAD on 22nd March 2020. The average exchange rate in the year was 0.8713 CAD.

2021

At the start of 2021, the NZDCAD exchange rate was 0.9015 CAD; by the year's end, it was 0.8648 USD. The year's best exchange rate of 0.9313 CAD was recorded on 24th February 2021, and the worst exchange rate was 0.8581 CAD on 7th December 2021.

2022

The NZDCAD exchange rate was 0.8649 CAD on 1st January 2022 and 0.8615 on 31st December 2022. The year's best and worst performances were 0.8803 on 10th December 2022 and 0.7668 CAD on 10th October, respectively. The average exchange rate in the year was 0.8267 CAD.

Current NZDCAD price

The current NZDCAD price is subject to fluctuation due to the volatility of the forex market. Investors can check it on the chart or the SimpleFX Webtrader platform.

Is NZDCAD a good investment?

Whether NZDCAD is a good investment depends on factors such as interest rates, monetary policies, geopolitical events, etc. The answer depends on analyzing these factors and the potential returns on investment. If the factors are also stable and there are more chances of return, this currency pair brings more interest from investors worldwide.

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