I cannot seem to find any news on this pair at all what’s it’s currency correlation.
R u looking for another currency pair which directly correlates with EUR/CAD?
yes i’m just surprised that this currency pair isn’t listed anyway i checked on the graphs and it seems to correlate pretty closely with the eurusd pair.
I would hazard a guess that it’s difficult for you to find currency correlation info for EUR/CAD because it is not a major pair. If you are not too concerned about the exact correlation factor between EUR/CAD and EUR/USD, you can simply eyeball from the charts and get a feel of how correlated they are, as you mentioned. If you would like to be more quantitative about it, you can download data for the interested pairs and run your own correlation analysis on Excel just by using the CORREL function. You can then test their correlation across any duration you want e.g. 1 week, 1 month, 1 year, as long as you have the necessary data for that duration. Not a difficult and tedious task, I can assure you.
The bottomline I feel is this: As serious traders, we should always be moving towards a state of self-sufficiency, so that our success depends not on the data or tools from some website, or based on some daily analysis / commentary done by some forex “expert”, but by our own ability. One day if all these external and good-to-have stuff are not around, we are still equipped to profit from the market just based on raw data and bare charts alone. Whatever extra analysis we need, we can get done on our own.
to pipnol what you say is correct and yes you are right that we should all strive to be self sufficient but i barely even am 1 month into trading. That’s how new i am while there are traders out there with more than 10 - 20 yrs of experience. I would really love the day when i can just simply look at raw data and then trade with full confidence. It would mean i have reached a master’s lvl.
It’s good that you are asking questions of yourself and to others on this forum as a desire for knowledge is a good indicator of success. With the right foundation and mentality, there’s no reason why we can’t make decent pips from the market in the long run.
I consider myself to be a beginner as well, with 2 months of demo and 4 months of live trading and counting under my belt. Thoroughly enjoying my forex journey so far, and I hope your enthusiasm and curiosity never wanes too!
Have a look at this page as it might help u finding your answer:
Currency Correlations