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Currency trade forex dubai
Canada is famous for abundant natural resources, such as gold, crude oil, coal and wood. The official currency, Canadian dollar, is thus influenced by the prices of natural resources.
Compared with the Australian dollar, which is also a currency of a country wealthy in natural resources, the Canadian dollar is less affected by the prices of commodities. This is because that the services sector, such as, financial services, insurance, real estate, manufacturing and business services, plays an important role in the Canadian economy.
The developed countries tend to have a mounting debt. However, as one of the developed countries, Canada is the only country that has a fiscal surplus and trade surplus.
Therefore, the Canadian dollar is perceived as a relatively stable and low risk currency. The low interest rate in Canada serves as evidence for the stable and low risk currency. The agriculture and energy industry in Canada are particularly affected by the US economy. Therefore, when you trade the Canadian dollar, it is necessary to look at the US economy. When you trade Canadian dollar, it is necessary to pay attention to the policy interest rate released 8 times per year by the Bank of Canada.
You should also pay attention to the remarks of important person. After the collapse of Lehman Brothers in , the interest rate is 0. Canadian dollar is linked with the WTI oil price and it tends to rise when the crude oil prices rise. In recent years, due to the Shale Gas Revolution, the oil price may have less impact on the value of currency.
If alternative energy plays a bigger role, crude oil will become relatively less important. Canada has a substantial amount of shale gas reserves. Therefore, when the shale gas is an alternative to crude oil in Canada, other correlated resources will probably change.
It is thus necessary to pay attention to this factor. It is the same as Australian dollar, the Canadian dollar is not a currency with high liquidity.
Even though there are some movements in the value of Canadian dollar, it is unlikely that a currency crisis will occur easily. Therefore, the Canadian dollar is perceived as a stable currency to be traded with. On this website, we will introduce a list of best binary options brokers for Canadian residents. Since the payout rates and trading details of brokers are different from one another, it is better to choose the right broker for your purpose.
As it is mentioned above, the value of Canadian dollar is influenced by the US economy and crude oil price. Since the Canadian dollar can also be influenced by the prices of other commodities, it is also necessary to pay attention to commodities, such as gold and minerals.
It is well known for those investors who are experienced in foreign exchange margin trading that the movements of Swiss franc are similar to those of the Euro. This is the same for the U. While trading the Canadian dollar, it is necessary to pay attention to the movements of the U.
Investors tend to buy the Canadian dollar in recent years. The Canadian dollar is considered as a safe-haven currency when the markets in the U. However, due to the low level of liquidity, it is very likely that there will be large movements in the value of Canadian dollar when big events occur suddenly.
Compared with the U. However, it is still necessary to pay attention to the economic indicators and the release of interest rates. Wynn Finance — Types of Binary Options. Understanding the Characteristics of Canadian Dollar Canada is famous for abundant natural resources, such as gold, crude oil, coal and wood. Read Review Trade Now.