Our Currency Pairs

The traditional way to trade with Commonly traded Forex Currency Pairs is to divide them out into 3 groups. These categories are defined by the liquidity and popularity of each of the currency pairs. The 3 categories are:

  •   Major
  •   Minor
  •   Exotic

In every one of the currency pairs, traders will be able to notice a Base currency and a Secondary one as well. The prices listed and the charts that you can see are mostly based on Base currency.

For instance, if you happen to read that USD/CAD is becoming stronger, this means that the USD is getting stronger against CAD. Now if you look at the particular chart for this specific currency you will see it showcasing an upward trend, this simply indicates that one currency is getting stronger over the other.

The Major Currency Pairs

The major currency pairs are the most liquid ones. These are also the most actively traded currencies around the world. They take up over 85% of the entire trading volume in the Forex trading market. And there are still 2 more categories to squeeze in the rest of the 15%.

The following are some of the common examples of major Forex currency pairs:

  •  USD/CAD- US dollar against Canadian dollar- nickname: Loonie
  •  USD/CHF- US dollar against Swiss Francs- nickname: dollar swissy
  •  AUD/ USD- Australian dollar against US dollar- nickname: aussie dollar
  •  GBP/USD- British Pound against US dollar- nickname: cable
  •  USD/JPY- US dollar against Japanese yen- nickname: dollar yen
  •  EUR/USD- Euro against US dollar- nickname: euro dollar

Minor Currency Pairs

We already established how nothing is traded as heavily as the major currency pairs. Because of this, minor currency pairs tend to fluctuate a lot. Unlike major currency pairs the spreads for minor are wider and therefore cost more, as they take into account the medium sized liquidity in the market, when you compare the figures with those of major currency pairs.

Some minor currency pairs include:

  •  EUR/ JPY- Euro against Japanese yen- nickname: euro yen
  •  EUR/NOK- Euro against Nokkie- nickname Euro nokkie
  •  EUR/SEK- Euro against Stokkie- nickname: Euro stokkie
  •  AUD/NZD- Australian dollar against New Zealand dollar- nickname: aussie kiwi

Exotic Currency Pairs

Exotic Currency Pairs are created out of one major currency against a strong and emerging (however hailing from a small economy) currency. Some European countries that lie outside of the Euro zone are treated as this. In top of this, these Forex currency pairs are not traded as much as the market witnesses the trading of major currency pairs and minor currency pairs. The cost of trading these pairs can always be higher than the minors or majors because of the lack of liquidity that is present in these markets.    

 

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