Hi Traffic Creator,
The effect of exchanging blog link depends upon the website from where you exchange links. If the website who agreed to exchange links with you is a high pagerank or high traffic site, more likely you shall receive a portion of that traffic.
But your site should also be relevant to the needs of those who visit the site you exchanged links with, otherwise that would just be curiosity clicks and visits and no conversions.
Placement of the link is also a main factor, if the link to your site is in the main page and highly visible, it shall drive traffic back to your site. Also take note of the anchor text you shall use for the link if you use text links. If you use banner, create a good one that is eye catching.