Course AUD(Australian Dollar)-CAD(Canadian Dollar) for today

Australian Dollar

Importance of the Australian Dollar The central bank in Australia is called the Reserve Bank of Australia. As the 5th most traded currency in the world, the Australian dollar is also referred to as buck, dough, or the Aussie. The Australian Dollar is known as a commodity currency due to its substantial raw material exports. As a result, the AUD is affected by China and other Asian import markets. Due to its relatively high interest rates, the Australian Dollar is often used in carry trades with the Japanese Yen. A carry trade is a strategy in which a currency with low interest rate is sold in order to buy a currency with a higher interest rate.

• Central bank: The Reserve Bank of Australia
• The Australian dollar (also called the Aussie) is a “commodity currency” because the country exports abundant natural resources, including coal, iron ore, copper, gold, natural gas, uranium, and renewable energy.
• Australia has strong trade ties with China, and the growing Chinese economy has driven its economy.
• Australia is trying to diversify its export markets beyond China to other Pacific nations.

Canadian Dollar

Importance of the Canadian Dollar The Canadian Dollar is the seventh-most traded currency on the Forex market, as many institutions and individuals trade the CAD. People also refer to the CAD as the Loonie, buck, Huard, and Piastre (in French). The Canadian Dollar is held as a reserve currency by a number of central banks. It is also known as a commodity currency, due to the country's substantial raw material exports.

• Central bank: The Bank of Canada
• The Canadian dollar (CAD) is also known as the loonie.
• The CAD is called a “commodity currency” because Canada is a world leader in resource exports: oil, lumber, fish, food, and many types of minerals—copper, nickel, potash, uranium, gold.
• Canada usually has a modest trade surplus, with 70% of its exports going to the U.S.