There are several instances of people wanting to send money from Canada to New Zealand as well as in the opposite direction. In 2016, around U.S. $7 million was sent from Canada to New Zealand in the form of remittances. Around U.S. $9 million made its way from New Zealand to Canada as remittances in the same year. Bilateral trade of goods between both nations exceeded NZ $1.7 billion in 2016.
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The Canadian Dollar
The Canadian dollar was adopted as the official currency of Canada in 1858. The currency gets its nickname “loonie” from the image of the loon that the country’s one dollar coin displays. Outside of Canada, the Canadian dollar serves as legal tender in Miquelon and Saint Pierre.
The Canadian dollar was linked to the gold standard in the past. It temporarily moved away from the gold standard during the First World War, and then permanently in 1933. In 1950, the Canadian dollar switched to the floating rate regimen. Its value was pegged to that of the U.S. dollar in 1962. It made its return to the floating rate regimen in 1970.
The global forex market turnover share of the Canadian dollar was 5.1% in April 2016, making it the world’s sixth most heavily traded currency.
|Currency symbol||$, C$|
|Nicknames||Loonie, huard in French|
|Bank notes||$5, $10, $20, $50, $100|
|Coins||1c, 5c, 10c, 25c, 50c, $1, $2|
The New Zealand Dollar
The New Zealand dollar became New Zealand’s official currency in 1967. It replaced the New Zealand pound which was in use from 1840. New Zealand banknotes have a history of using vibrant colors, and this trend remains in place even after some transformations in designs.
Outside of New Zealand, use of the New Zealand dollar is prevalent in Niue, Tokelau, Cook Islands, and Pitcairn Islands.
The New Zealand dollar’s share in the international forex market turnover was 2.1% in April 2016, making it the world’s 10th most heavily traded currency. In April 2018, the New Zealand dollar’s average trading volume stood at around NZ $198 billion.
|Currency symbol||$, NZ$|
|Bank notes||$5, $10, $20, $50, $100|
|Coins||10c, 20c, 50c, $1, $2|
Canadian Dollar / New Zealand Dollar Historical Rates
The CAD/NZD pair, although relatively stable, has witnessed its share of ups and downs since the introduction of the New Zealand dollar in 1967. In early 1982, the New Zealand dollar was trading almost at par with the Canadian dollar. However, the New Zealand dollar dropped in value against the Canadian dollar over the next few years.
In early 1985, the New Zealand dollar was trading at over NZ $1.6 against the Canadian dollar. The next time the New Zealand dollar traded at over NZ $1.5 against the Canadian dollar was in mid 1991. The period from late 1991 to mid 1997 went well for the New Zealand dollar, where it saw a steady rise in value against the Canadian dollar. In December 1996, the New Zealand dollar traded at around NZ $1.06 against the Canadian dollar.
From mid 1997 to mid 2001, it was the Canadian dollar’s turn to perform better than its New Zealand counterpart. In October 2000, the New Zealand dollar dropped to an all time low of around NZ $1.65 against the Canadian dollar. The New Zealand dollar experienced some respite from mid 2001 to early 2004, only to start dropping in value again.
The New Zealand dollar’s road to recovery after it traded at over NZ $1.6 against the Canadian dollar in January 2009 has been gradual, but not particularly steady. Form toward the end of 2013 to now, its value has fluctuated largely between NZ $1.04 and NZ $1.2 against the Canadian dollar. In August 2018, it traded at around NZ $1.15 against the Canadian dollar.
CAD/NZD in the last five years
|1 July, 2013||NZ $1.2187|
|1 July, 2014||NZ $1.0785|
|1 July, 2015||NZ $1.1589|
|1 July, 2016||NZ $1.0642|
|1 July, 2017||NZ $1.0664|
CAD/NZD in the last five months
|1 April, 2018||NZ $1.1065|
|1 May, 2018||NZ $1.1025|
|1 June, 2018||NZ $1.1255|
|1 July, 2018||NZ $1.1277|
|1 August, 2018||NZ $1.1579|
What Affects CAD/NZD Rates?
Both, the Canadian dollar and the New Zealand dollar are regarded as commodity currencies, so global commodity prices tend to affect how the CAD/NZD currency pair performs. While the economy of Canada relies significantly on oil and lumber, New Zealand’s economy depends more on agriculture and dairy.
In addition, while the performance of the U.S. dollar tends to have a bearing on the Canadian dollar, the New Zealand dollar’s value is more in line with the Australian market as well as emerging economies from Asia.
Changes in interest rates or monetary policies implemented by both countries may have an effect on the CAD/NZD currency pair. For example, when the Reserve Bank of New Zealand made an announcement of keeping rates low for a considerable period of time earlier this year, the value of the New Zealand dollar fell overnight.
Some of the other factors that might affect the CAD/NZD currency pair include gross domestic products (GDPs) of these countries, their trade balances, as well as natural disasters.
If you plan to send money from Canada to New Zealand or the other way around, take a close look at CAD/NZD exchange rates you get through different overseas money transfer companies. Do not forget that the fees you need to pay also affect the cost of your transfer.