CADHKD (Canadian Dollar vs Hong Kong Dollar). Exchange rate and online charts

The CAD/HKD is not a popular currency pair with Forex traders. The CAD/HKD does not involve the U.S. dollar and that is why called a cross currency pair. Despite this, the U.S. dollar still has a considerable influence on it. This can be seen when combining two price charts: the CAD/USD and USD/HKD. Thus, you will get an approximate the CAD/HKD chart.

Since the U.S. dollar heavily influences both currencies, it is necessary to take into account the major U.S. economic indicators for the correct projection of this financial instrument. Pay attention to: the discount rate, GDP data, unemployment rate, new jobs figures, etc. It is worth noting that the currencies comprising the pair can respond with different speed on changes in the U.S. economy, therefore, the CAD/HKD can be considered as a specific indicator of these currencies.

Canadian dollar is dependent on world crude oil prices. Canada is one of the largest world exporters of crude oil. That is why, when oil prices rise, the Canadian dollar rises too. On the contrary, when oil prices decrease, the Canadian dollar falls too. Thus, for the CAD/HKD there is a direct dependence on global crude oil prices.

The exchange rate of the Hong Kong dollar is pegged to the U.S. dollar. The trading range of this pair is 7.75-7.85 Hong Kong dollars per U.S. dollar.

Hong Kong has one of the world’s biggest stock exchanges, which outperforms many other large European and U.S. stock markets. Currently, Hong Kong occupies a leading position among the top financial centres all over the world, being the number one stock market in Asia.

Hong Kong's economy is based on the principle of free markets, low taxation, and the policy of government’s hands-off approach to economic policy. Hong Kong is not endowed with mineral and food resources, for this reason its economy is heavily dependent from these factors. Most of Hong Kong's income comes from the service sector and re-exports of Chinese goods. In addition, the tourism sector is highly developed.

If you want to trade cross currency pairs, it is necessary to bear in mind that brokers’ spread is often higher for cross rates than for majors. Thus, you’d better read and understand the trading terms offered by the brokerна before you start your cross rate trading.