Currency pair CADNOK shows a ratio of the Canadian dollar to Norwegian krone and belongs to a group of exotic trading instruments. In this currency pair the Canadian dollar acts as the base currency, and Norwegian krone — quoted. The quotation of CADNOK specifies how many Norwegian krona it is necessary to pay for the purchase of one Canadian dollar. This trading instrument is preferred by the professional participants of the market using a long-term strategy.
The oil market has a considerable impact on the quotes of CADNOK as Canada is one of the world's largest exporters of black gold while Norway also takes leading positions on the production and export of oil products.
Moreover, the Norwegian industrial sector specializes in the production of sea drilling rigs for oil and gas extraction. Norway also conducts a vigorous trading activity with EU countries and the USA, the exported production includes, output and processed on territories of the country, seafood. When forecasting the behavior of CADNOK, it is worth paying attention to changes in the commodity markets, and also the major fundamental factors of Norway, the EU, and Canada.