The foreign exchange market in Canada is dominated by the US dollar. (Infobae)
After opening the US dollar It is negotiated at the beginning of the day 1.35 Canadian dollars on averagewhich represented a change of 0.03% compared to the previous day’s price, when it closed with 1.35 Canadian dollars.
Regarding the last week, the US dollar marks an increase in 0,59%%; although for a year it still maintains a decrease in 1,31%.
If we compare the figure with past days, it has fallen for two consecutive sessions. The volatility of the last seven days presents a balance that is clearly higher than the volatility shown in the figures for the last year, therefore it is going through a phase of instability.
He Canadian dollar It is the official monetary unit in Canada, it is represented by the acronym CAD and 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 issuance 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 coronavirus 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 nation’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.
