This symbol represents the New Zealand Dollar - Canadian Dollar cross pair. These two currencies are both categorized as commodity currencies. Canada is primarily associated with oil and lumber, conducting significant trade with the United States. New Zealand is more associated with agricultural commodities and exports dairy and meat products to Australia and China.
The negotiation of the new USMCA deal, removed a great deal of uncertainty for the Canadian economy, paving the way for the Bank of Canada to resume hiking rates.