The foreign exchange market in Canada is dominated by the US dollar. (Infobae)
In the last day the US dollar was negotiated at closing 1.40 Canadian dollars on averagewhich implied a change of 0.12% compared to the previous day’s figure, when it ended with 1.39 Canadian dollars.
Taking into account the last week, the US dollar registers an increase in 0,47%%so that in the last year it still maintains an increase in 5,39%.
Analyzing this data with that of previous dates, it chained two sessions in a row with positive figures. The volatility of the last seven days is clearly lower than the numbers achieved for the last year (4.46%), so its price is showing less variations than usual recently.
He Canadian dollar It is the official monetary unit in Canada, the acronym CAD is used to refer to it and it is subdivided into 100 cents.
It should be noted that the Canadian dollar has been used almost throughout the country’s history, after it replaced the British pound sterling, the Spanish dollar and the peso.
It was on July 1, 1858 when the authorities ordered the printing of the first Canadian dollars, which were adopted to a decimal system in the following years. However, it was not until 1871 that monetary unification was approved of all Canadian provinces to use the dollar, finally abolishing the gold standard in 1933.
Currently the Canadian coins of 1, 5, 10 and 25 are used cents1 and 2 dollars, which are issued by the Royal Canadian Mint; On the other hand, the 5, 10, 20, 50, 100 and 1,000 dollar bills are issued by the Bank of Canada and are produced in Ottawa.
Regarding the economy, recently the Organization for Economic Cooperation and Development (OECD) confirmed that Canada has passed its tipping point and is heading towards a period of moderate growth, after the hard blow of the COVID-19 pandemic.
On the other hand, Canada also managed to position itself as the United States’ main trading partner at the end of 2021, with a 14.5% share of the country’s 15 main partners.
He International Monetary Fund (IMF) predicts that Canada will grow by 4.1% in 2022 and by 2023 by 2.8%, which would mean a slowdown after the 4.7 reached in 2021.
