Cross pair

NZD/CAD(Kiwi Loonie)

NZD/CAD is one of the lower-traded commodity crosses. Both currencies are tied to commodities (NZD to dairy/Chinese demand; CAD to crude oil), producing moderate volatility with clean directional moves around central-bank events.

2.5 to 4.5 pips

Typical spread

55 to 90 pips

Daily range

$7 to $8

Pip value / lot

NY + Asian handoff (5 to 11 PM ET)

Best session

What is NZD/CAD?

NZD/CAD pairs two commodity currencies. NZD is linked to dairy + Chinese demand; CAD is linked to crude oil + US demand. The drivers don't always align, so the pair produces directional moves around RBNZ / BoC policy and commodity-price divergence.

Daily ranges of 55 to 90 pips are typical. Spreads are wider (2.5 to 4.5 pips) reflecting lower volume.

Base currency: NZD (New Zealand Dollar, New Zealand)
Quote currency: CAD (Canadian Dollar, Canada)
Pip location: 4th decimal (0.0001)
Volume share: under 0.5% of daily global forex turnover

When to trade NZD/CAD

NZD/CAD has two prime windows. NY + early Asian handoff (5 to 11 PM ET) covers most CAD and NZD activity. London open does not improve liquidity meaningfully — neither home market is active.

Avoid the late-London window. The pair drifts.

Best session: NY + Asian handoff (5 to 11 PM ET)
Avoid: Late London (12 PM ET onwards)

News events that move NZD/CAD

RBNZ and BoC rate decisions drive the largest moves. Crude oil and Chinese data drive the two legs in different ways: rising oil supports CAD (pushes NZD/CAD lower); rising Chinese demand supports NZD (pushes NZD/CAD higher).

NZ and Canadian CPI prints produce 30-50 pip moves.

Central banks: Reserve Bank of New Zealand (RBNZ), Bank of Canada (BoC)
Key releases: RBNZ rate decisions, BoC rate decisions, Crude oil, Chinese data, NZ / CA CPI

Want the full event calendar? See the economic calendar, and look up unfamiliar terms in the forex glossary.

NZD/CAD FAQ

What is the typical spread on NZD/CAD?

2.5 to 4.5 pips on most ECN brokers. Wider during off-hours and central-bank events.

When is the best time to trade NZD/CAD?

NY + early Asian handoff (5 to 11 PM ET). Captures liquidity from both legs.

How does crude oil affect NZD/CAD?

Through CAD. Higher oil supports CAD and pushes NZD/CAD lower. Moderate correlation.

How does Chinese data affect NZD/CAD?

Through NZD. Strong Chinese growth supports NZD and pushes NZD/CAD higher.

Is NZD/CAD volatile?

Moderate. Daily ranges of 55 to 90 pips. More volatile than AUD/NZD; less than GBP/NZD.

Mentorship · Free for life

Want my daily institutional setups?

Verified trade ideas posted live every NY session. Entry, stop, target on every idea. Free for life when you sign up with a trusted broker.

See the mentorship

Mentorship is free for life when you sign up with a trusted broker through my referral link. Read the broker partnership disclosure