Maybe you are not so familiar with the AUD/CAD pair, but you should know this is a great pair to trade. It is not only exciting because of its unusual features, but it can also be lucrative for you as a trader.

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For example, it is known as the commodity pair, as it is made of two commodity currencies. A commodity currency is one that is easily influenced by the commodity price changes. For example, Canada is an oil producer country, which makes its currency very sensitive to oil price changes. Trading AUD/CAD The Australian dollar is also a commodity currency, but the main driver is not the oil market but the metals.

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If you will closely monitor the AUD pair along with the price of gold, silver, platinum or palladium, you will find many correlations. However, the commodity prices are not the only thing you should watch when trading AUD in relation to other pairs. The Australian economy is heavily dependent on the trades in and out with China. A third of the Australian exports go to China, so whenever the Chinese economy shows fragility, the AUD may fall in relation to other pairs, including the Canadian dollar. Accordingly, a strong Chinese economy will support the Australian dollar.

Yet, one of the greatest things to consider when trading AUD/CAD is the positive swap. For those who are not familiar with this, the swap is a special interest that comes with every trading day in the case when you hold a position more than one day. The swap can be positive or negative, which suggests that whenever it is negative, you have to pay a percentage. The good news is that AUD/CAD comes with a positive swap, which means you will be paid a percentage from your investment. Here are the most important economic reports and events to monitor when trading AUD/CAD: • Chinese PMI index, the growth rate of the Chinese economy (GDP growth) and any reports or events related to the Chinese economic performance; • The Reserve Bank of Australia (RBA) meetings and their minutes; • The Australian CPI (consumer price index) or inflation report. The central bank closely watches these data; • The Australian PMI in the manufacturing, services, and construction sectors; • Commodity prices. The Canadian dollar relies on oil prices, as mentioned above.

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However, even if all these factors seem to be complex at first sight, you will learn how to handle them and read the economic calendar. If you want to understand the fundamentals behind the CAD changes, look for the oil inventories reports in the US and the OPEC meetings. Important Economic Releases To Watch In Australia As previously mentioned, the Australian economy is very connected with the Chinese market and with the price of metals, so you have to monitor the Chinese economy round the clock and know what is the performance of gold, silver, platinum, copper, and other metals. Moreover, you should check the purchasing manager index that is reported separately for the services, manufacturing and construction sectors. If the PMI figure goes above the 50 level, then the market is strong enough, while a drop below the mentioned level is a negative for the Australian economy. Don’t forget about the employment data and the Australian GDP growth. They are important for the domestic economy.