Opening value of the dollar in Canada this March 13 from USD to CAD

Opening value of the dollar in Canada this March 13 from USD to CAD

The foreign exchange market in Canada is dominated by the US dollar. (Infobase)

After opening the American dollar paid at the start of the day 1.37 Canadian dollars on averagewhich implied a change of 0.54% from the value of the previous session, when it ended at 1.38 Canadian dollars on average.

Compared to the profitability of the last seven days, the American dollar mark a decline 0.42% even if, on the contrary, for a year, there is still an increase in the 9.05%.

Compared to the variations of this day compared to the previous days, it cumulates two successive days in negative values. Referring to last week’s volatility, it is higher than last year’s figure (7.42%), so it shows bigger changes than the general trend of the value.

He Canadian dollar It is the official monetary unit in Canada, to refer to it the initials CAD are used and it is subdivided into 100 cents.

It should be noted that the Canadian dollar has been used almost throughout the country’s history, having replaced the British pound, the Spanish dollar and the peso.

It was on July 1, 1858 that the authorities ordered the issue of the first Canadian dollars, which would be adopted in the decimal system in the following years. However, it was not until 1871 that Monetary unification has been approved of all Canadian provinces to use the dollar, finally abolishing the gold standard in 1933.

Today Canadian coins of 1, 5, 10 and 25 are used pennies, 1 and 2 dollars, issued by the Royal Canadian Mint; however, $5, $10, $20, $50, $100 and $1,000 notes are issued by the Bank of Canada and are produced in Ottawa.

In the economic field, the Organization for Economic Co-operation and Development (OECD) recently confirmed that Canada has passed its tipping point and it is heading for a period of moderate growth, after the severe blow represented by the SARS-CoV-2 pandemic.

On the other hand, it is also necessary that Canada has succeeded in positioning itself as the main trading partner of the United States at the end of 2021, with a participation of 14.5% compared to the 15 main partners of the nation.

He International Monetary Fund (IMF) predicts that Canada will grow by 4.1% in 2022 and 2.8% in 2023, which would mean a slowdown from the 4.7 reached in 2021.

Melissa Galbraith
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