What Forex Trader need to know about Canadian dollar CAD

Before going into the details for forex trade we need to know what forex trade is? Forex trade is actually the trade of foreign exchange across the world. It is based upon the foreign currencies, the rise and fall of the currency rate of different country based on the fluctuation of the economies of different countries. The forex trade is an attractive business opportunity for the experienced business personalities as well as for those who are new and want to earn money. The forex trade has no time limits; it is working 24 hours a day and 7 days a week. Even the smallest investor can have potential revenue out of this business. The forex market is not for those who blindly invest money without having enough knowledge. When we talk about the knowledge it’s actually the knowledge of the fluctuations of different major currency rate at present and their fluctuations. The most important factor people need to know is the drivers behind the fluctuations in the major currency rates. Well if you think you are the one who is having command upon all this stuff you could be the most successful one in the forex market as well.
Talking about the forex trading of the Canadian dollar, it is considered to be a 9th gigantic currency in the forex market. The forex market is majorly based upon 10 gigantic currencies among which Canadian dollar occupy the 9th number. Well, every major currency has a central bank behind it that is actually the issuing authority. The central bank behind the Canadian dollar is the bank of Canada. This bank performed a great role in making Canadian dollar a big participator in the forex market. So, we can say that the bank of Canada is the driving or triggering force behind the forex trade of the Canadian dollar. The bank of Canada tried to maintain the equilibrium between the employment promoting policies and the economic conditions keeping the inflation within limits at the same time.
As far as the economy of Canada is concerned, according to measured GDP rate of Canada, it is considered to be the 10th largest economy. Over the last 20 years, there has been as exponential growth in the Canada. During the times of recession, the inflation rate of Canada has been quite high but better fiscal and economic policies of Canada really helped the current balance and kept the deficit of budget lower.
When we talk about the economy of Canada, the commodities present in the Canada should not be forgotten. Talking about the potential commodities of Canada, Canada is rich in producing minerals, grains and products related to wood. These commodities control the 60% exports of the Canada. All the data regarding the export commodities of Canada can be easily found on the internet.