CAD to NOK Exchange Rate
Ah, Norway: Land of vikings, cheese slicers, the birthplace of skiing, and home to some of the highest gas prices in the world.
What influences the CAD/NOK exchange rate?
Although Norway isn’t a member of the European Union, it is a member of the European Free Trade Association (EFTA). Therefore, the NOK may be affected by changes within the economies of Europe and the U.K., especially since Norway’s economy benefits greatly from trading with its neighbors.1 Also, the CAD/NOK exchange rate may depend heavily on oil prices, as oil is one of Norway’s and Canada’s primary exports.
The CAD/NOK exchange rate isn’t a direct relationship meaning the value of the NOK is usually evaluated relative to the value of the euro while the value of the CAD is usually relative to the value of the U.S. dollar. Therefore any changes in trade policies with critical trade partners, such as new policies in the wake of Brexit, may have influential effects.
Also known as the loonie, the Canadian dollar (CAD) works under a floating exchange rate regime. Therefore, the CAD exchange rate may be determined by supply and demand. Other factors that might influence CAD’s value include commodity prices, interest rates, and inflation rates.2
“The trade and investment activities between Canada and Norway are expanding, and Norway remains one of Canada’s most important trading partners in Europe. Our common commercial interests are mainly focused on energy and natural resources.” – Embassy of Canada to Norway3
- In 2014, Norway was Canada’s top Nordic trading partner, as well as the country’s 17th biggest partner globally. Canada imported $2.01 billion in Norwegian products, while exports to Norway were $2.24 billion.3
- Canada’s main imports from Norway include crude oil. Its main exports to Norway include copper and nickel.3
- In 2015, Canada was ranked 10th in GDP, while Norway ranked 28th.4
- In 2015, Canada was the 11th largest exporter and 10th largest importer in the world.5 Norway was the 34th largest exporter and the 35th largest importer.6
Whether you’re planning on taking a holiday in Norway or sending money back home to friends and family, OFX can help you save on your international money transfers. If you need to make a payment to Norway, use OFX so you don’t get stung by high bank margins and fees. Register today to get access to our low rates and personalised service.
Currency Name: Norwegian Krone
Currency Code: NOK
Currency Symbol: kr
Central Bank: Norges Bank
Countries Used In: Norway
Major Unit: One Krone
Minor Unit: One øre
Note Denominations: 50, 100, 200, 500, 1,000 kr
Coin Denominations: 50 øre. 1, 5, 10, 20 kr
NOK to CAD exchange rate analysis. Check out our daily market analysis to learn the factors influencing the NOK to CAD exchange rate today.